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Italian Gambling: Microgame spa earnings increase
Italian online gambling group Microgame SpA has reported an astonishing increase in gross profit of 456 percent on turnover growth of 12 percent to Euro 490 million for the full year ended December 31st 2008.
Gross profits reached Euro 85 million - up 456 percent on its 2007 number of Euro 15 million. Net profit of Euro 4.7 million was posted, up from 2007's Euro 3.1 million, with gross operating margin reaching Euro 7.6 million, up 42 percent on 2007's Euro 5.4 million
Management said that the success was attributable to a 2008 expansion program which saw the Italian company complement sportsbetting operations with the addition of skill, poker and bingo gaming, after signing agreements with Austrian skill games company Funworld and Canadian bingo software developer Parlay Entertainment.
Company president Fabrizio D’Aloia said: “The new games and in particular the poker have generated a remarkable increase in revenues. In fact the poker has in only four months from its start in September 2008 exceeded the turnover generated by the fixed-odds bets.”
Microgame's gaming accounts rose by 61 percent to 938 000, D’Aloia revealed, confidently expecting that the game would become Microgame's biggest product for FY 2009, when combined with the company's multi-operator “People’s Network” for skill games and poker. Further new games will be added over the 2009-2010 period, he said.
The Italian company's momentum appears to have continued into Q1 2009, with revenues of Euro 6.3 million - up 138 percent on Q1:2008 and gaming turnover of Euro 230 million, or 85.5 percent up on Q1:2008.
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