BUSINESS

Probability announces huge losses

TAGs: iPhone, mobile phone gambling, Paddy Power, probability

The mobile phone gambling company Probability’s losses before tax have grown six-fold in the space of a year. Pre-tax losses for the year up to March 31 2009 were a mere £153,000, whereas the past year they grew to £755,000, with the net gaming revenue dropping from £5million in 2009 to £4.7million.

Probability’s chairman, Graham Parr, explained that it had been a year of “significant investment” for the firm, after a business-to-business deal with Paddy Power signed in May, and iPhone gambling games that were launched in June.

In all probability the firm should see it through and make money in years to come, but what if the iPhone4 really does go completely tits up? What’s the probability of that… Read more.

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