Probability in £2.8m share placing
Mobile operator hopes "oversubscribed" placing will help with B2C marketing efforts and investment in B2B in the UK and Italy.
AIM-listed mobile specialist Probability has raised £2.8m through a new share placing, and hopes to use the funds to accelerate marketing investment in the UK.
The placing follows Probability’s appointment of its first board-level chief financial officer, with Qurban Hussain arriving from Betfair, where he was head of commercial finance.
Chief executive Charles Cohen said in a statement that the placing, which was oversubscribed, will help the company build on the momentum generated by its UK B2C business and “ontinue to maintain our disciplined approach to marketing investment, with a focus on payback period and return on investment.”
Cohen added that “Our most intense core technology investment is behind us,” and noted “Our B2B business is also entering an exciting stage in the UK and Italy, and the proceeds will also provide additional resources to pursue opportunities in this area.”
Probability’s fourth-quarter revenues were up 25% year-on-year, due largely to B2B revenues trebling following last July’s acquisition of Playyoo.
It was through Playyoo that the Gibraltar and Italy licensee provided Neomobile brand Casino Planet with the first regulated mobile slots for the Italian egaming market, while the fourth quarter of last year also saw the company provide its first bespoke slots for partner Paddy Power.
Meanwhile Probability’s proprietary LadyLucks mobile casino offering has seen registrations increase on the back of its first TV advertising campaigns, and a statement supporting the placing explained: “The proceeds from the Placing will primarily enable the Company to pursue further growth in its B2C business targeting UK consumers through investing in additional marketing expenditure.”