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Bad Year For Parlay

4/23/10 - Tough economic conditions, restructuring and industry consolidation moves that impacted licensees meant that online bingo software provider Parlay Entertainment "generated very little return from this significant investment in 2009, resulting in a substantial loss and cash burn."
 
The Canadian company was reporting on a lacklustre performance in the year 2009 ended December 31st, and a fourth quarter in which consolidated revenues dropped to Cdn$ 800 000 from the previous year's Q4 of Cdn$ 1.2 million
 
Expenses in Q4 2009 at Cdn$ 1.4 million remained unchanged from the fourth quarter of 2008, but increased foreign exchange losses offset reduced compensation expenses.
 
A beneficial tax adjustment increased the tax recovery recorded in Q4 2009 by Cdn$ 400 000.
 
Net loss for Q4 2009 was Cdn$ 600 000, unchanged from the net loss in Q4 2008.
 
For the full year 2009, consolidated revenues were Cdn$ 3.4 million, a substantial drop from the comparative figure for FY 2008 Cdn$ 8.5 million, although the 2008 numbers included Cdn$ 2.9 million in non-recurring software license fees.
 
Expenses for 2009 were Cdn$ 5.6 million, down from Cdn$ 7.7 million in 2008, mainly due to reduced compensation expenses together with the absence of some non-recurring expenses from 2008.
 
A beneficial tax adjustment increased the tax recovery recorded in 2009 by Cdn$ 400 000.
 
Net loss for 2009 was Cdn$ 1.4 million compared to a net income of Cdn$ 500 000 in FY 2008.
 
Management advised that Parlay remains debt free and its cash balance at December 31, 2009 was Cdn$ 1.1 million. Corporate income tax refunds received (and to be received) in 2010 are estimated at Cdn$ 1.2 million.
 
Scott White, chief executive officer at Parlay Entertainment said: "Given the significant consolidation in the online bingo sector, and the fact that some of our customers were part of that consolidation, timing was such that our business model could be expanded, allowing us to move into the business of operating gaming platforms.
 
"Throughout 2009 we invested significant financial and human capital resources in the development of our Alderney and North American gaming platforms, which operate under the brand Parlay Games Services.
 
"Although these platforms are accelerating in terms of growth today, we generated very little return from this significant investment in 2009, resulting in a substantial loss and cash burn."
 
White revealed that the company has in excess of 40 networked partner sites, either launched or launching within Parlay Games Services.
 
"We have numerous prospective partner arrangements in various stages of development. With the market changing again because of additional consolidation, we are now in a unique position to offer services to various customers who are searching for new solutions in the bingo vertical.
 
"With a revised cost structure and a robust and envied technology platform, it will be our intention to supplement our traditional software licensing model throughout 2010 with the growth of PGS throughout the world. Our offering will be flexible and unique, fostering customer access into multiple software technologies offering multiple software vendors, both gaming and non-gaming products and multiple languages and currencies."



Gambling News :

NHL Odds: Lightning go for Season Sweep Over Red Wings - The Tampa Bay Lightning (37-29-9) have been doing everything possible to make a fourth straight appearance in the Stanley Cup Playoffs. Without star centre Steven Stamkos, Nikita Kucherov (38 goals, 40 assists) and Victor Hedman (15 goals, 47 assists) have stepped up and will look to continue their strong play against the Wings. Game time is 7:30 PM ET on FS-D.

MPN Charity Poker Tournament at ICE 2017 - During what was a busy three-days for Microgaming at ICE Totally Gaming 2017, the MPN team enjoyed a charity poker tournament with Microgaming operators on Tuesday 7 February.

US$30M DUBAI WORLD CUP - Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

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