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PARLAY Q1/2010 REVENUES DOWN

6/1/10 - Parlay Entertainment Inc., a major Canadian provider of Internet and TV bingo software, has released its Q1/2010 results to end March this year.
 
Chief executive officer Scott White says that the company has invested significant financial and human capital resources in the development of its Alderney and North American gaming platforms.
 
"Throughout Q1 2010, we continued the development and integration of partners into those Parlay Game Services platforms using our Parlay5 technology. At the end of the quarter, we had approximately 45 partner sites launched or launching on our Alderney-based managed solution and three sites, including our first Facebook bingo application, launched or launching into North America, said White.
 
"Q1 2010 revenue includes only initial, modest revenue from new partners, which we expect will continue to improve over the long-term. Although we note that Q1 2010 revenue was a sequential improvement for Parlay over Q4 2009, it has not yet recovered to the levels of Q1 2009,” he added.
 
White said that as monthly liquidity levels increase with the launch and growth of existing and new partners, Parlay expects to see additional traction from new sales, as new brands and brands from other networks look to diversify.
 
“We are optimistic that 2010 will see continued improvements to revenue, earnings and cash flow, as Parlay succeeds in the growth of its multi-jurisdictional gaming platforms", he concluded.
 
Consolidated revenues were Cdn$ 800 000 in Q1 2010 compared to Cdn$1.0 million in Q1 2009.
 
Expenses in Q1 2010 were Cdn$1.4 million, up from Cdn$1.3 million in Q1 2009. Increased foreign exchange losses offset reduced operating expenses.
 
Net loss for the quarter was Cdn$ 500 000, larger than the corresponding loss last year of Cdn$200 000.
 
Parlay remains debt free and held a cash balance at March 31, 2010 of Cdn$ 800 000; the company expects to receive tax refunds of Cdn$ 300 000 soon, and a further tax refund of Cdn$600 000 in Q4 2010.

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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