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Probability Results Show Large Business To Business Growth

Mobile internet wagering software developer Probability plc has released its latest financial results for the third quarter of 2013, noting a large growth in business to business revenue and a slight uptick in net gaming revenue.

Key financial indicators for the period ending September 30th, 2013 were:

  • 57% of platform revenue in the quarter derived from business-to-business services (Q2 FY13: 52%).

  • Net Gaming Revenue up 4% on Q1 at £1.9 million, but down compared to Q2-2013, when NGR reached £2.2 million.

  • 47% growth in B2B revenues to £600,000 for the quarter.

  • Average Revenue Per User from B2C and white label players managed by Probability at £106 per player, up 2% vs. Q2 FY13: £104.

  • Net cash and equivalents at the end of the quarter of £1.7 million.

Operational highlights for the quarter were:

  • Launch in September of a new mobile payment option for UK players, which within four weeks is capturing 46% of first time deposits.

  • Launch of new iOS apps for core B2C brands. Mobile Games App listed as number one downloaded iOS free Casino app in UK App Store in first week.

  • New game launches: Roulette HD and Mayan Moola for iOS and Android.

  • Completion of certification of Probability’s technology platform by Italian regulator AAMS, enabling launch of white label services.

  • Stakes from customers up 10% vs. the previous quarter, but margins thinner due to major wins.

  • Revenues from B2C activities in the UK 9% lower than the prior quarter.

  • Revenues from legacy feature phone customers declined, with GGR down 20% quarter on quarter.

  • Marketing investment reduced to compensate for cost-of-acquisition volatility.

  • B2B success in developing an exclusive 'Hot and Slotty' game for Paddy Power

  • Contract signed with Italian firm Sisal to create an iOS And Android application for its Superenalotto service.

The numbers are a bit behind what Probability management expected, and the group said that meeting their year end goals will now be significantly more difficult.

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