Paddy TV app ready for the off; losses narrow; Cryptologic and Neogames reach agreement

TAGs:, Cryptologic, Neogames, Paddy Power, smart tv

Paddy Power advert blind manPaddy Power has collaborated with solution provider Mionmi to launch the Irish firm’s Yahoo Smart TV app. The new service allows customers using a TV remote to scan through available bets for a wide range of sports as well as novelty and prop bets. Stephen Lovell, online product and business development manager at Paddy Power, commented: “We have created a close working relationship with Miomni that has enabled Paddy Power to produce arguably the best and most comprehensive Smart TV sports betting application currently on offer. This relationship coupled with the technical foundation we now have in place will enable us to create and launch innovative digital services in 2012 and beyond.” narrowed its losses in 2011 by almost $200,000 and will be encouraged by Q4 results. The company’s balance sheet showed net loss was down to $688,561 from $878,972 the year before. Unfortunately total revenue for the year took quite the hit as it dipped from $1,816,804 in 2010 to a disappointing $1,416,658. Q4 showed it wasn’t all doom and gloom with revenues up 251% year-on-year to $389,390 thanks to an increase in cash game players. There was also a total profit of $31,093 for Q4, comparing favorably with a loss of $260,682 in the previous year. CEO Jason Williams added: “While we are concentrating on retaining profitability in 2012, our major focus will be to increase revenues and market share. Therefore, we will be investing significant resources into our marketing programs in the first quarter of 2012, which could result in a net loss for the quarter. However, we expect to continue to see long term positive returns on our marketing investments and believe that our current strategy is the correct one.”

Cryptologic has signed a deal to supply a suite of games to Neogames. Initially two of its slot games will be rolled out on Neogames’ network with many to follow over the duration of the multi-year licensing agreement. Ian Price, Group Head of Business Development at CryptoLogic, commented: “We are pleased to welcome a company with the reputation and reach of NeoGames to our list of blue-chip licensees. This agreement opens the door for CryptoLogic’s games to over 30 new online gaming operators and we are confident it will generate value for both companies.”


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