dwide online gaming services provider, Nektan has revealed that its net gaming revenues have increased by 88.4% year-on-year for the first financial quarter of 2018.

In its first financial filing of its 2018 year the company announced net gaming revenues of £3.9m, rising from the £2.1m reported during the first quarter of 2017.

The number of first time depositors jumped a record 186% from 14,037 in Q1 2017 to 40,148 in the first quarter of 2018. As a consequence of this rise, the amount of cash wagers being collected in Q1 2018 doubled year-on-year from £56.1m in Q1 2017 to £126.7m during the same period of 2018.

In Q1 of financial year 2018, Nektan launched 42 new games with four games vendors taking the Group’s total mobile games portfolio to over 350. The Company launched five new sites and added one new gaming partnership in Q1 FY18 and is currently running a total of 83 brands with plans to launch ten new sites with four new gaming partners during the current financial period.

In a statement accompanying the trading update, Nektan’s Interim CEO Gary Shaw said: “Our core European business continued to progress in Q1 FY18 as expected. The proposed launch of new commercial partners during the current quarter will see that growth continuing.

“Our strategy to leverage our core technology asset Evolve into geographically diverse markets through platform licensing deals will see the business develop into one of the first gaming technology businesses with its platform live across three major continents. I am particularly pleased with the progress being made in the US where our investment positions Nektan as one of the first movers in mobile casino gaming.”