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Online Bingo Software Vendor Sees Drop in Revenues - 12-05-07 |
December 5 - Parlay Entertainment Inc, one of the world's leading online bingo
software developers and licensors of online bingo solutions, has reported a drop
in its revenues for its first and third quarter results compared with last year.
Parlay revealed that its first and third quarter results dropped by 24 percent
and 13 percent respectively compared with the same periods in 2006. Executives
at the leading online gambling software developer attributed the drop to various
factors.
These include the 'a large impact on the company's licensees due to changing of
business models of certain ecommerce providers' as well as a result of ' as well
as the 'loss of a half a million dollar revenue enhancement'.
Parlay Entertainment's total 3rd quarter revenues were $2 million, compared with
$2.6 million during the same period in the previous year. In addition, its
royalty revenue slipped by 8 percent to finish at $1.8 million compared with
$1.9 million in 2006.
However, Parlay admitted that part of its loss was offset by the continued
growth of its portfolio of Parlay-powered online bingo casinos, including the
launch of Paddy Power's online bingo offering and the installation of its
software on leading online gambling site, Bet24.
Said Parlay Entertainment president and CEO, Scott White, 'We expect our royalty
revenue to increase over the next quarter and beyond, with our new licensing
arrangements nicely generating online bingo revenues.'
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