Gaming Insight needs funds for gobarkingmad iTV channel

The company generated £13m in revenues during the year, up 244% when compared with the preceeding 18-month period, but after a goodwill write-down of £9.9m, made a loss of £19.7m. It faces something of a cash crunch but has already secured £1m in new funding, as announced in April.

Gaming Insight warned that while its casino division continues to drive increasing revenues into the group, its ability to continue with the gobarkingmad concept "is dependent on raising additional funding, to ensure its safe passage from start-up phase through to profitability". It is in talks with various strategic investors and believes that they will result in success.

Launched only last Monday on digital satellite channel 414, gobarkingmad offers Gaming Insight the chance to generate "very significant revenues". Following the soft launch - the channel currently features US and Australian greyhound racing - it will be enhanced to cover UK racing and supported by a high profile media campaign featuring Vinnie Jones.

The company said it is pleased with the initial uptake of gobarkingmad services and has been talking to a range of European cable networks and ISPs in order to boost its presence. It expects to launch in at least 10 European countries in the coming months.

The company remains confident that its proprietary 3D software for online casinos will yield further brand partnerships, and should result in increased gross margin, as it continues its drive towards profitability.

Shares improved by 7.1% to 3.75p, capitalising the company at £9.1m.

"www.gaminginsight.com ":www.gaminginsight.com



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