'Lidl effect' lifts revenue for gaming firm Probability

Published on Monday 13 October 2008 21:53

SMALL BUT BEAUTIFUL

AIM-LISTED mobile phone gambling outfit Probability said net gaming revenue increased 10 per cent from the previous quarter to 1.37 million, boosted by the "Lidl effect" as customers turned towards "value" gambling in the economic downturn.

The increase comes despite the traditional summer holiday slowdown in July and August, it said.

The group said 56,297 new customers were added during the quarter.

Chief executive Charles Cohen said: "We believe that we could be enjoying a 'Lidl effect' in our business: if people are feeling the pinch elsewhere, we think the signs are we can benefit from the downturn."

He added: "Just as consumers are moving from established supermarkets to discounters like Lidl, so they are seeking value when they gamble."

Cohen said the group was highly confident in its prospects and believed its strategy for growth as a pure-play mobile gambling service was the right one.

The firm added that its Italian Job Racing game had reported more than 50,000 virtual car races run on its first day.