The online casino gambling industry experienced a lot of consolidation measures over the past few years as a result of the tough economy coupled with the fact that extreme growth in niche gaming sites over the past several years has now led to a period of natural consolidation as bigger companies buy up smaller sites that have grown into valuable assets. As a result of this stage in the industry’s process, however, Parlay Entertainment had reported a rather poor financial report for the full year of 2009. The report showed that consolidated revenues had dropped substantially and costs were much higher throughout the year as the company developed a new infrastructure for the online casino bingo industry designed at launching new internet bingo platforms in North America and Alderney.
The fourth quarter expenses dropped Canadian $400,000 over the previous year. The fourth quarter for 2008 came in at Cdn $1.2 million while the same period of 2009 reported consolidated revenues of just Cdn $800,000. On the positive side though, the online casino bingo group received a very beneficial tax credit based on tax recovery of Cdn $400,000, meaning that net losses came in right around the same as Q4 2008, 400,000. Full year revenues for the online casino bingo group held similar trends although the losses were a bit more severe. Parlay reported that 2009 full year consolidated revenues came in at Cdn $3.4 million while 2008’s full fiscal year results were a much more substantial Cdn $8.5 million.
Parlay Games Services was launched during that year and this marked the company’s attempt to more strongly enter the international gaming market. Although PGS did not bring in much revenue over 2009, the product was in the process of being prepped and Parlay anticipated a lot more business and income generation throughout 2010 and noted that many licenses and new partnerships were already in the works. Time seems to have provided a casino online bonus for the company, as interest in gambling over the internet has only increased in the years since and this means that they have been able to pull in more profits as time went on.