PokerTek First Quarter Losses Deepen

PokerTek, maker of the PokerPro automated poker table, saw its first quarter net loss for 2007 increase by over $1 million versus the same quarter in 2006.   

Net loss for the quarter was $2.627 million, compared to $1.591 million for the first three months of last year.  License fee revenue did jump 160 percent to $508,000, but expenses increased, as well.  Based on what the company pointed to as the reasons for the increased loss, it does not appear that anything unusual happened.  Most of the expenses, such as licensing fees, advertising and marketing, and salaries, seem to be cost of growing the business. 

Indeed, PokerTek did make strides in acquiring licensees, with the major commitment coming just last month in the form of Harrah’s Entertainment, which agreed to use PokerTek as its exclusive provider of live, player-banked, and automated poker tables for its properties. 

Originally published 11:56 PM Thursday, May 17, 2007