Good Results From Gaming Corporation?
Published: Thursday, September 22, 2005 Online-Casinos.com
RESULTS FROM GAMING CORPORATION SHOULD BE GOOD
Mobile gaming will do especially well
A trading statement from Gaming Corporation, the publicly listed gambling portal network owner, has reported year-end profits will be much higher than predicted partly as a result of strong performance in its mobile gaming business.
The firm launched its casino.co.uk mobile service on UK network Orange earlier this year, and plans to supplement this with the launch of mobile poker in the next few weeks.
But it said the popularity of mgaming had taken it by surprise and will have a significant impact on results for the year ending September 2005.
"The mgaming business continues to outperform our initial revenue forecasts, having signed 2,500 registered customers during the initial soft launch phase" the firm said.
"As Orange intensifies its marketing effort we would anticipate further rapid growth in our mobile gaming operation," it added.
The firm said the additional strong performance of the recently acquired gambling.com site meant operating profit for the year would be "materially higher" than expected.
Gaming Corp said it was also benefiting from a "significant reduction in its costs" following a migration from the Boss Media software platform. And the current surge in costs pre-acquisition was also playing in its favour by boosting revenues from its portal sites.
"Operators are paying up to 50% more to acquire customers from our gaming portals" the firm said.
The firm's poker site is set to launch in the next few weeks, and Justin Drummond, chief executive of Gaming Corp, said it was expected to be a major source of new revenue.
"The mgaming division is going from strength to strength and we believe the new poker site will provide a considerable new revenue stream to the group" Drummond said.
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