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Gambling: ParlayEntertainment revenues plummet 93 percent

9/9/09 - Candian bingo software developer Parlay Entertainment is experiencing tough times, judging by its latest financial disclosures, which reveal that the firm has sustained a 93 percent drop in revenues in Q2 2009 compared with the same period in 2008.
Second quarter revenues sank to $696 649 (Q2 2008: $2.38 million), bringing half year 2009 revenues down 55 percent to $1.62 million.

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Unaudited net income for Q2 2009 showed a loss of $500 372 compared to the same period last year when net income reached $267 532 . Parlay revealed it was in the red $673 974 over the first half of 2009.
The software company has total current assets of $3.11 million, down 23 percent year-on-year from $4.05 million last year, while Q2 EBITDA recorded a loss of $645 954 (Q2 2008: $507 651). The first half numbers were even gloomier, showing EBITDA of -$886 203 (H1 2008: $145 096).
On the positive side, Parlay managed to cut Q2 expenses by 28 percent to $1.35 million due to ‘reduced compensation expenses together with the absence of certain non-recurring expenses from the second quarter of 2008’. At the half-year mark, expenses were $2.53 million - down from $4.17 million last year and for the same reasons.
“Throughout our second quarter, we continued to make a significant investment in the establishment, development and organisation of our managed solutions offering in Alderney and Canada through Parlay Games Services,” said Scott White, Chief Executive Officer for Parlay.
“The remaining months of 2009 will be used to aggressively expand that service through the addition of new customers and brands across multiple languages and currencies.”

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Gambling News :

Tom Horn Awarded Malta Gaming License - Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.

Calvin Ayre invests in new Antigua Business Center - Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.

Attack of the Zombies Slot - Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.

Why is FullFlush Poker Still Down - Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.

Time Running Our For Pennsylvanian online gambling - Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.

Yggdrasil Gaming Expanding - The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.

FanDuel and DraftKings Settle With NY Attorney General - Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.

Stan james Now Live With EPOS - The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.

Singapore Online Gambling Ban Begins - Singapore media reports indicated Tuesday that restricted online gambling services offered by the Singapore Pools have started online operations, whilst Singapore Turf Club will commence online betting activity on November 15.

Chinese police action against Crown Resorts Widens - In addition to the 18 Crown employees still held after their arrest last week, it now appears that the police questioned 87 Crown punters and junket organizers, detaining 10 of the latter.

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