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Probability’s financial results

Probability, an iGaming mobile specialist revealed their audited financial results for the past 1 year till the end of March that suggested a 14% in net gaming revenues to £5.37 million when compared to last year. A 45.3% increase in net gaming revenues for the first quarter over last year was also reported by Probability.

£2.3 million was raised by probability in October in an attempt to raise future expansions. Probability placed 4.6 million new ordinary shares and then they affirmed that their cash resources totalled to £2.85 million. This was also an improvement over last year’s result which was £1.64 million.

Probability also released their overall loss before the tax which was £1.1 million, which was mainly caused by its recent move to Gibraltar and consequent restructuring. The core consumer offering however rose rapidly in the 2nd half after Probability launched a range of games for the iPhone and Android smartphones which increased their marketing spend.

Charles Cohen, Probability’s Chief Executive Officer stated that “we made real strides this year, generating operating profits in the last quarter as we enjoyed the first benefits of lower operating costs following our move to Gibraltar and increasing our customer acquisition for LadyLuck’s, the group’s primary UK-facing brand.”

“Smartphones have also made a huge impact on our business this year, helping to turn mobile from a niche to a mass market opportunity.

“Toward the end of the year, we were able to progress our plans for an Italian gaming licence and close a ground-breaking deal with Caliente in Mexico, one of the largest and most respected gaming groups in Latin America.

“Going forward, our monthly fixed overheads in the UK and Gibraltar are significantly lower than they were a year ago. Combined with additional margin improvements in our trading activity, our business model is stronger than ever. With consumer appetite for smartphones and mobile services seemingly insatiable, the sun is shining for us.

“With trading in the new financial year already looking very strong, with new product launches planned for this year and increased interest in our business-to-business offering, we have every confidence that we can turn our first mover advantage into a serious and sustainable market position in regulated markets globally.”

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