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More Expense Reductions

Parlay Entertainment has announced that the Canadian based internet bingo software development company has once again been forced to cut back and lessen expenses in a bid to stay profitable and continue operating in the currently recessive gaming market. The global recession has had a rather odd impact on the internet gambling industry, some online casinos and internet bingo and poker sites have reported very few losses in market and new players. Other companies have been forced to close their virtual doors because of the state of the economy and the number of land and online casino gamblers that are using their discretionary income just to stay afloat, keep their house, and put food on the table. Surprisingly though, Parlay has reported more losses for this past quarter and continues to drastically cut expenses so that the company can have hopes of hitting even, or even profitable by the end of 2009.

Parlay Entertainment is not anywhere near closing the doors on the business –but there have been some struggles since the company is transitioning to offer new products and services to the international industry…namely the much-hyped Parlay5 bingo gaming platform. The online casino gambling industry has remained steady over the past year and related sectors, like internet bingo, have even been able to report gains in market share and growth within emerging bingo markets.

The losses for the Q1 2009 were right in line with expectations and were actually an improvement over the previous year ($100,000 less in losses this year compared to Q1 2009). The online casino gambling industry has been really tricky over the past several years because of new regulations cropping up and forcing some markets closed. Parlay anticipated the Q1 results because of Parlay’s decision to fully move the company out of unregulated online gambling markets.