US and Italy focus for Probability growth
Italian revenue up 36% as mobile operator prepares to launch its first Italian white-label offering
Mobile gaming operator Probability said it would look to expand the business with new product launches in the UK and Italy, after recording its second quarter of revenue growth with Italian up by more than a third in the three months ending December 2013.
Net gaming revenues in the country soared by 36% sequentially on the back of new product launches with GTECH and its sports betting product for SNAI.
The firm’s core B2C business, which includes the LadyLucks mobile casino, grew 5.1% to £2m for the period ended 31 December 2013 while gaming margins remained largely static at 4.8%.
“We have a number of exciting product launches in the pipeline for the next few months both for the UK and Italy where we are also preparing to launch our first white label offering,” Probability CEO Charles Cohen said.
He also confirmed that discussions with a major US casino operator, first revealed in the firm’s previous trading update, are “proceeding well”.
The company also benefitted from increased efficiencies in its customer acquisition methods, with CPAs down 37% sequentially despite a marketing investment of £0.5m in the quarter, while wagering volume per active player increased 3% sequentially and 16% year-on-year.
Cohen praised the firm’s efficient marketing strategy and per-player revenues, labelling them a “sustainable trend that we can build upon”.