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Probability Plc Releases Third Quarter Trading Update

23 October 2012 by

Mobile internet wagering software developer Probability plc has released a trading update for the third quarter 2012, highlighting revenues which were up 35.3% over the same period last year.

Company highlights for the period ending September 30th, 2012 were:

  • iPhone App for "Lady Luck's" has been downloaded over 40,000 times since being introduced in June 2012, and is regularly in the top five downloads in the category in the UK App Store.

  • In Italy, the company’s Playyoo subsidiary has launched an iPhone and iPad football betting application for SNAI, to coincide with the opening of the Italian football season. Betting volumes have been higher than expected in this new market.

  • The slot game "Long John's Silver" for iOS and Android devices was launched during August, becoming the quickest game to achieve £1 million of total bets, achieved in under two weeks.

  • Partnership inked with Nasdaq-listed Glu Mobile to develop mobile gambling games and services based on its popular mobile games.

Commenting on the update, company CEO Charles Cohen said: “We are very pleased with the performance this quarter. Our customers did not appear overly distracted by the Olympics, but then we did all spend a lot of time in front of the TV waiting for events to start – a perfect opportunity to have a quick play with our games."

“The Playyoo business which we acquired in the summer is developing well, with existing Italian B2B clients expanding the range of games they take from us and new clients showing strong interest in the offering."

“Preparations are on track for our Slots games to be introduced into Italy later this year and we hope to begin the certification process very soon. A small amount of revenue from Playyoo is included in these results for the first time, and we expect this contribution to grow significantly over time."

“In the UK market, our investment in new customer acquisition through TV and other digital media has continued to deliver encouraging results in line with expectations."