TransAct Technologies reports 69% growth thanks to casino sales

As the casino industry continues to expand across the globe, supporting industries are also raking in the profits. TransAct Technologies, a provider of software and printing systems for both casinos and consumer businesses, reported a 69% year on year growth for 2018, reports GGRAsia.

Overall, the company reported net profits of $5.4 million, despite net sales dropping 3.1%. The big 69% increase was on the back of increase sales in the gambling industry. CEO Bart Shuldman said, “During the 2018 fourth quarter, global casino and gaming sales grew 21 percent year over year as we further expanded our share of the global casino market.”

Overall, sales to the gambling industry increased by nearly $8 million. Sales outside the U.S. had incredible growth in Q4, with a 223% increase.

Despite that growth, they look be focusing on a different sector in 2019: hospitality. Shuldman sees that industry as a “very large sales opportunity.” They won’t be expanding into it aimlessly though; it appears they will leverage the casino relationships they’ve already built.