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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 :

Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

Advantages of online slots over slot machines - The rise of online casinos means that players no longer have to leave their own house to play casino games.

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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