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Probability

  • BY: Andrew Hore |
  • POSTED: 26/01/2010 |

Mobile gaming services provider Probability reported a slight dip in net gaming revenue in the three months to December 2009.

The third quarter net gaming revenue of £1.14m was slightly lower than the previous quarter’s figure of £1.24m and similar to the £1.1m reported for the first quarter. This is despite the launch of an X Factor slots game which generated £2.5m in wagers.

Management blames withdrawals running up to Christmas and record winnings in November.

The drop between the second and third quarters is consistent with last year. However, in the same quarter last year the net gaming revenue was £1.31m.

The number of new players registered during the quarter fell from 48,969 to 47,089. There were 67,639 new registrations in the third quarter of the previous year.

Net cash was £1.91m at the end of 2009. The cash position is being maintained even though probability has been investing so that it can take advantages of opportunities with iPhones and Google Android phones. There is also a white label offering to e-gaming businesses.

Probability made a loss of £275,000 in the six months to September 2009. Net gaming revenue fell from £2.62m to £2.48m.

The investment means that Probability won’t make a profit this year but it should be back to generating cash in the summer. 

Results in the first three weeks of January have been positive.

At 36p a share, up 3.5p on the day, Probability is valued at £7.78m.

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