ishing its trading update for the full year to 30 June 2017, industry provider Nektan revealed net gaming revenue of £13.1m, a year-on-year increase of 130%.

The company reported similar growth across the 12 month period in cash wagering, which climbed from £151.9m to £390.3m, an increase of 157%.

The recorded number of first time depositors also rose significantly to 130,105, representing growth of 165%.

The report follows Nektan’s £500,000 paymetn to take full control of subsidiary Nektan Marketing Services from Betfred Founder Fred Done and ActiveWin Media MD Warren Jacobs.

Nektan has also announced the appointment of Sagi Lahav to the position of interim COO, who joins with more than 10 years' experience in senior gambling industry roles, having until recently been CEO of Gibraltar-based Mansion Group.

Gary Shaw, Nektan’s interim CEO, said: "We continue to make progress across our three divisions. I am especially encouraged by the progress of the European managed casino network which is benefiting from the hard work of our team, our casino partners and the strong technical foundation of our proprietary platform, Evolve.

“Our younger B2B division is attracting a lot of interest from games studios, offering distribution and services under our Gibraltar gambling licence. In a significant step forward, our North American team is installing an operating multi-tenant solution in its first, central casino location.

“This is an exciting period for Nektan and I'm delighted to be working with Sagi and the rest of the team to fully develop the potential opportunities across the whole of our business."