Holiday bonanza for UK gambling firm after encouraging financials.
Probability was in the news a lot at the end of 2011. In October, there was widespread speculation that William Hill would make a bid for the public UK company.
That fizzled out, but shortly afterwards Probability reported fiscals that showed revenues in the six months to September rose 41 per cent to £3.2 million.
The firm still made a pre-tax loss of £65,000, but it was 91 per cent lower than a year ago.
Now, Probability has told Proactive Investors that its revenue rose 27 per cent to £1.88 million in Q4, with money deposited by customers into their gaming accounts up 48 per cent.
Charles Cohen, CEO of Probability, says the long term prospects remain good because mobile gambling opens up a new base of players, rather than cannibalising existing user bases.
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He said: “The important thing is that most of our customers are not existing online gamblers, but the next generation of player. It’s a new opportunity and it is growing, and that is why at the moment we are able to swim against the tide.”
Probability is one of the better known names in the UK gambling space, which has always been among the most advanced in the world because of the country's liberal regulatory climate.
The firm provides back-end technology for running mobile gambling services and runs its own consumer-facing brands such as Ladylucks.
Cohen also told Proactive Investors that the group is close to launching in Mexico, and is waiting on Italy and the US.
"We intend to actively pursue this opportunity and are already engaged in early stage discussions with several parties in the US to explore our options," he said.
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