News blog
Probability
- BY: Andrew Hore |
- POSTED: 24/10/2007 |
Mobile phone gaming company Probability increased its second quarter revenues by more than one-third.
It generated £675,000 in the three months to September 2007. The number of registered customers increased 15% to nearly 229,000.
All this was helped by the introduction of a VIP casino area called ‘The Private Room at Lady Luck’s’. These players have generated net gaming revenues averaging £1,500 and retention of these players is also higher.
The cash burn has slowed and during the quarter the company’s cash fell slightly from £1.23m to £1.1m. Probability made a maiden operating profit in September, helped by growth in higher margin bingo games. That suggests that the cash outflow should cease from now on but there is some seasonality to gaming.
Probability will start generating extra revenues in this quarter from its link-up with Blue Square. All Blue Square customers will be able to pay roulette, blackjack and other casino games supplies by Probability through their existing account with the online betting company. Probability will receive a share of these revenues.
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