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MOBILE GAMBLING COMPANY SURGES AHEAD
Probability turns in another sound quarterly performanceThe mobile gambling technology company Probability plc reported Q4 results that were ahead of expectations this week, revealing a 25 percent increase in net gaming revenues in its fourth quarter, raising hopes that it may deliver above average full year profits if progress continues.
The company signed up almost 63 000 new customers during Q4 2007 and raised additional capital of GBP 1.7 million through a placing of 3 397 028 shares. Probability is in a strong cash position, with GBP 2.8 million in the kitty.
The company delivered consistent progress during the quarter, claimed CEO Charles Cohen: “The second half of 2007 has proven to be a period of transition for us. We have delivered on our promises to become a cash-generative leader in the mobile gambling sector and created a platform for strong, future growth,” he said.
One of the highlights of the quarter was a GBP 211 000 win by a single customer, with Cohen flagging this as an indicator that serious gamblers can be found in the mobile gambling business. “The exceptional winning streak for a single customer should leave no doubt that serious gamblers can be attracted to the mobile phone platform. Winners are the best advertisement for a gambling business,” he said.
Rank has extended its partnership with Probability, allowing the Mecca mobile bingo brand to remain among its offering. Probability has also been successful in continuing its teamwork with News International for its News of the World mobile casino, bingo and slots.
