Probability reveals improved financial results

Posted by: CasinosOnline in Casino News

Probability, a specialist mobile gambling software company has unveiled its financial results for the six months to the end of September exhibiting that its net gaming income had improved by 38 percent year-on-year to £4.53 million.

Listed on the Alternative Investment Market (AIM) of the London Stock Exchange, Probability said that cash deposits by clients for the six months that began from April 1 rose by 44 percent year-on-year and described August as ‘the best month ever for customer deposits’.

All of this saw the London-based firm post an unaudited pre-tax loss for the six-month period of £658,000, which came after marketing investments totalling £1.87 million and the £275,000 expense linked to the purchase and operation of business-to-business mobile gambling developer Playyoo SA, whilst it kept cash and equivalents of £685,000.

Chief Executive Officer for Probability, Charles Cohen said “We remain determined to capitalise on our first mover advantage in mobile gambling and we believe this market is now at a tipping point,”

“Over half the adult population in the UK now has a smartphone, up from 30 percent in 2011. In our prime demographic of 18 to 29-year-olds, 75 percent have one. In Italy, it’s 49 percent. The transition of mobile gambling from an early-adopter niche to mass marketability is a fact not an aspiration. The ongoing success of our television advertising and Facebook promotions attest to this.”

“Our ability to grow will no longer be constrained by the size of the market or the limited scope of regulation in our main markets. We have the proven technology, the expertise, the regulatory status, the talent and the resources to take a sizable portion of what will clearly be a major part of the global gambling business over the next few years.”

“We are rapidly building Probability to be both big and profitable, a balanced and truly international leader in regulated gambling markets.”

Probability stated that trading since the end of September has been ‘positive and in line with management expectations’ while it expects to deliver full-year net gaming revenues of between £9 million to £10 million pounds contingent ‘investment in marketing’ decisions and the success of new games planned for early-2013.