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Risk Factors ADMINISTRATION REPORT Risk factors Risk factors Specified below are some of the business- and industry-related risk factors that could have consequences for NetEnt’s future development. The risk factors are not arranged in order of importance or potential financial impact on the company’s revenues, profit or financial position. For financial risk factors that affect the company’s business, see Note 26. that meet certain basic criteria. tions for gaming operators and Political decisions Due to ongoing legal game developers like NetEnt. Operational Risks developments in the different NetEnt is legally based in the disruptions NetEnt’s business is highly member states, in combina- EU, which gives the company dependent on the legal land- tion with an emerging set of constitutional protection for Risks scape for online casino games, precedents in the EU Court, business activities that follow NetEnt is responsible for primarily in the EU since most NetEnt operates in a relatively from national law, EU law and operating customer systems of the company’s customers unpredictable legal environ- the overarching WTO system. through its operation centers are based in Europe. In recent ment, at least with regards As NetEnt expands geograph- in Malta, Gibraltar, Alderney, years, a number of countries to the EU market. This means ically, the revenue base is Costa Rica and Denmark. Like have deregulated or reregu- that it is difficult to quantify becoming more diversified and other online services, the lated online gaming. Through the risk that NetEnt’s business dependency on political de- systems can sometimes suffer the EU Court’s latest legal could be negatively affected by cisions in individual countries from operational disturbanc- precedents, the member future political decisions. becomes smaller. In Sweden, es. The reasons for these can states have been give greater NetEnt is a member of the be both within and beyond opportunities to secure tax Management industry association for online NetEnt’s control. If opera- revenues provided that the li- It is difficult to predict how the gaming, BOS, which represents tional disturbances occur, the censing systems create sound legal landscape in the EU will gaming companies and suppli- company’s product could be competitive conditions and are develop in the future, and thus ers. In the next few years, the entirely or partially unavail- formally open to all operators affect the commercial condi- most important task for BOS able to the end users, which is to promote new, sustainable affects the gaming opera- gaming legislation in Sweden. tor’s revenues and therefore also NetEnt’s revenues. Any operational disturbance or technical problem in the com- pany’s servers could therefore result in lost revenues, loss of Regulated operations confidence in the company and and compliance (sustainability) possible claims for damages. Risks Man. It is of vital importance regulated markets. NetEnt Management NetEnt holds licenses in the for NetEnt’s business that the undergoes audits and inspec- NetEnt invests continuously in following jurisdictions: Malta, above licenses and certifi- tions as licenses are obtained IT infrastructure and staff to Alderney, Gibraltar, the UK, cations are maintained and and extended. The license ensure high technical security Belgium, Romania and Spain. extended. on Malta was obtained for a in its systems and to mini- The company also has a tem- period of five years and was mize the risks for operational porary permit for operations in Management extended in 2015. In Alderney disturbances. New Jersey that will eventu- An important part of NetEnt’s and Gibraltar, the licenses are ally be replaced by a complete strategy is to grow in regulat- extended annually. The UK license. Furthermore, NetEnt’s ed markets. In recent years, licenses are continuous and products are certified in Den- the company has invested inspections are carried out mark, Italy, Estonia, Latvia, in technology and expertise regularly by the regulator. Bulgaria, Portugal and Isle of to adapt the organization to 58 NetEnt Annual Report 2016 ADMINISTRATION REPORT Risk factors Responsible gaming (sustainability) Risks claims appear to be unfound- Management This means that the games are Although NetEnt does not offer ed, and would most likely be NetEnt works actively and in designed with functions that gaming services directly to rejected by a court of law, they close collaboration with other enable the operators to offer players, people suffering from could involve considerable entities in the market to pre- players good control over their gambling addiction could sue expenses and loss of confi- vent gambling-related prob- gaming. companies in the NetEnt Group dence for NetEnt, which could lems. NetEnt’s product design in their capacity as games and ultimately lead to reduced strives to help the operators systems supplier. Even if such revenues. promote responsible gaming. ences and expertise in game by developing the corpo- Dependency development and technology. rate culture and by offering on skills and The business is also depend- competitive remuneration. In expertise ent on key personnel at the addition, the company offers management level. Due to opportunities for professional (sustainability) the high pace of change in the development, advancement in gaming industry, the loss of the organization as well as a experienced personnel in busi- healthy lifestyle through activ- Risks ness-critical areas could have ities and wellness benefits. NetEnt’s success depends on a temporary negative impact the ability to recruit and retain on the company’s profits and skilled employees in all func- financial performance. tions in the locations where NetEnt conducts operations. Management This includes commercial NetEnt actively works to be experience, understanding of an attractive employer with operator and player prefer- dedicated and loyal employees Competition Management The barriers to entry in the Risks market for game development NetEnt competes with a few, are relatively high and are well-established companies. rising further as the share of But the market is highly at- regulated markets increases. tractive and new competitors NetEnt’s ambition is to main- are constantly attempting to tain and advance its position enter. If NetEnt is not success- as a world-leading provider of ful in fending off competition, digitally distributed gaming this could have a negative im- systems and to be a respect- pact on the company’s profits ed participant in the market. and financial position. Through a continued focus on development of high quality games with high entertainment value, in combination with a powerful administrative tools and related services, NetEnt hopes to defend and strength- en its market position. NetEnt Annual report 2016 59 ADMINISTRATION REPORT Risk factors Dependency on Product faults and safety major customers Risks Risks certifications. The existence cesses so as to maintain high The loss of any of the compa- There is no guarantee that of technical faults could also IT security. The company con- ny’s major customers could NetEnt’s games cannot eventually damage confidence tinuously monitors the gaming have a negative impact on contain technical faults that in the company’s products. transactions in its systems to NetEnt’s revenues and profits. could be exploited by players Moreover, it cannot be ruled detect any irregularities and and lead to poorer game out that NetEnt’s customers or take swift action if needed. IT Management outcomes and consequently the company could be targeted security and operations are As NetEnt grows and the lower revenues for NetEnt’s by hacking or similar types of an important area where the number of customers increas- games, or give rise to legal cybercrime. company continuously invests es, this is gradually reducing expenses linked to the com- resources to enhance and dependency on individual major pany’s liability for product Management adapt its protection to the customers. functionality according to NetEnt applies industry stand- latest technological develop- the product descriptions and ards in its systems and pro- ments. Intellectual property rights Risks be breached or contested by for conducting business. In products accrues to NetEnt. NetEnt’s most important intel- competitors. Furthermore, it addition, NetEnt is depend- Furthermore, the company lectual property rights consist cannot be ruled out that legal ent on specific knowhow and continuously protects its of the copyrights for the action could be taken against it cannot be ruled out that intellectual property rights for software and the games that NetEnt by competitors for competitors could develop example by registering pattern the company has developed alleged infringement on com- equivalent knowhow or that protection and trademarks. In and continuously develops. It petitors’ rights, both in Europe NetEnt could fail to effectively certain cases, NetEnt can also is therefore crucial that the and in North America. If this protect its knowhow. enter agreements to ensure assets developed in the Group happened, there would be a that the company’s products remain NetEnt’s property. risk of the company suffering Management do not risk infringing on any There is no guarantee that from substantial legal expens- Through contracts with other company’s patent rights. NetEnt’s rights will not in- es and damage claims, which employees and subcontrac- fringe on those of competitors would have a negative impact tors, NetEnt
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