Probability Profit Snowballs
Probability’s profit margin is over the top and it has never been better, it has reported record player deposits and wagering. Its overall net gaming revenue has increased by 30% for the third quarter alone.
The AIM-listed mobile internet casino gambling services expert said its unaudited net gaming revenue was £1.5m for the third quarter up and till the 10th of December 2010, revenues increased by 20% compared to the previous quarter on the 30th September 2010 (£1.23m unaudited), in the quarter its net gaming profits up and till the 31st of December 2010 was 30% higher for the exact period in 2009.
“Our player base has increased significantly with huge deposits and activity which already started in the second quarter of this financial year and spilled over into the third quarter, with December 2010 setting records for both player deposits and wagering activity,” the latest news read to the stock exchange today.
We saw a substantial increase of 35% for player deposits in the quarter up to 31st of December 2010 in comparison to the previous quarter of September the 30th 2010. According to the statement, 27% of players made deposits via there iPhone and Android devices in December last year. Both these services were introduced to the internet gambling industry August last year.
Probability has signed up within a very short space of time a phenomenal 48,102 new players for the present quarter, compared to 39,190 for the previous quarter, a jump by 22% quarter-on-quarter.
Bad weather played a contributing role, the worst snow storms took place in December resulting in a 15% wagering increase as opposed to days with no snow.
Probability’s CEO, Charles Cohen said an internal investigation which analysed trading data, supported by subjective feedback from our players, indicated that poor weather conditions benefitted the company in the third quarter of 2010. Our busiest period was during days of severe snow conditions.
“This quarter placed Probability on the map and is by far our best quarter yet. It would appear the snow helped and our guess is that players utilised their mobiles to wager when they weren’t prepared to brave the weather outside,” he said.
“There is a very strong correlation between our profit margin and poor weather conditions. It stands to reason the worse the weather gets the more revenue we stand to generate, this is also tied in with strong behavioural trends of our players making use of smart phones and tablets. Based on these stats our aim is to beef up our iPhone services, since these users constitute 30% of our business. So far our success rate has been excellent in controlling the upgrade path for players who purchase an iPhone or Android device and who opens an account with us using these devices.
“To be honest we can exploit this trend successfully, our operating costs will be much lower than before once we’ve transferred our operations to Gibraltar from Alderney. We’d also like to tap into the Italian and various other markets as well. So far 2011 has been good to us profit wise let’s just hope we can continue at this pace,” Cohen concluded.[addtoany]