The UK mobile gambling provider Probability had good news for investors this week with a set of Q1 key performance indicators that augers well for the firm's continued success.
CEO Charles Cohen revealed that net gaming revenues grew by 7.5 percent on the previous quarter to a record GBP 1 247 641, and that the company registered 75 225 new customers in the reporting period, boosting its total customer base to 414 430. That's a 19 percent rise in customer acquisition over the comparative period last year.
Cohen also advised that the company is in the happy cash position of having GBP 3 million in the kitty at the end of Q1.
Commenting on the figures, Cohen said: “We are pleased to be able to demonstrate, once again, the strength of this fast-growing business, with record quarterly customer acquisition and net gaming revenues.”
Although it hasn't been confirmed by a formal survey, the anecdotal indications are that the increased interest in Probability's mobile gambling product comes at the expense of rival gambling activities such as lottery scratch card action.
Cohen again underlined the potential of his licensing deal with Paramount Pictures (see previous InfoPowa report) to develop mobile games based on three of the studio’s classic movies – King Creole, Grease and the Italian Job, from which it expects to see revenues during the second financial quarter. The 3Mobile deal to pre-install a link to Probability's flagship LadyLuck mobile gambling service on two million of its new handsets during 2008 was also emphasised.
The current economic slowdown in Europe seems not to faze Cohen, who commented: "Whilst others may be suffering from the economic climate and changes to regulations in other areas, our presence and first mover advantage in the mobile gambling market gives us many advantages that make us confident of achieving our near and medium term growth plans."