Posted 1/11/11 : Probability Plc on the upswing with positive third quarter trading update
Mobile gambling firm, Probability PLC released pleasing third quarter results for its investors in a quarterly trading update this week.
Key Performance Indicators for the three months to 31 December 2010 were reported as:
– Strong growth in customer deposits and activity with December 2010 setting records for both player deposits and wagering activity.
– Player deposits in the quarter to 31 December 2010 were 35 percent higher than in the previous quarter to 30 September 2010.
– Players using iPhone and Android devices accounted for 27 percent of deposits in December 2010. These services fully launched only in August 2010.
– Net Gaming Revenue in the quarter to 31 December 2010 was GBP1,482,000, an increase of 20 percent on the previous quarter to 30 September 2010 (GBP1,232,000).
– Net Gaming Revenue in the quarter to 31 December 2010 was 30 percent higher than during the same period in 2009.
– The Company acquired 48,102 new players in the most recent quarter, compared to 39,190 in the previous quarter, an increase of 22 percent quarter-on-quarter.
Adverse weather conditions are said to have benefitted the Company during the quarter with specific emphasis on snowy days being its busiest period. An internal analysis of trading data undertaken by the Company found that the days with the worst snow during December had, on average, 15 percent more wagering activity than days without snow.
Charles Cohen, Probability plc CEO, commented:
“This was a record quarter for Probability. It seems that the snow helped, and our hunch is that customers were turning to their mobiles for entertainment when they found themselves stuck at home or elsewhere.
Either way, what matters to us are the underlying trends which show that this business is on the right side of powerful technological and behavioral changes as people increasingly direct their attention to smart phones and tablets.
The best demonstration of this is the rapid take-up of our services on the iPhone. These users are now approaching 30 percent of our business, from a standing start in August. We have had great success in managing the upgrade path for players who buy an iPhone or Android device and want to take their gambling account with them.
We are uniquely positioned to take advantage of this trend, particularly as we will be operating from a lower cost base than before once we transfer our operations to Gibraltar from Alderney, and are able to explore opportunities in Italy and elsewhere from there."