Second quarter results for Bingo.com
15th August, 2008
Bingo.com, one of the biggest names in online bingo, and gaming for that matter, has recently announced its financial results for the second quarter of this year, which ended on the 30th of June, 2008.
The popular online bingo operator posted $1,415,858 in total revenue for the second quarter of 2008, which is a 5% increase from the first quarter of this year that stood at $1,344,347. This is also a significant increase from the second quarter of 2007, which was $1,135,844.
The company also decreased its net loss by 10% from the first quarter of the year. Bingo.com’s net loss for the second quarter of 2008 was down to $235,188. This is also a huge decrease since the company saw a net loss of $336,968 in the fourth quarter of 2007.
“In the second quarter of 2008, Bingo.com made some important strides towards returning profitability,” said Tarrnie Williams, CEO of Bingo.com. “Despite not yet acquiring licensing status enabling us to advertise in the UK, we acquired thousands of new real-money players, increased our revenues, decreased our net loss, and further developed the entertainment available at Bingo.com. We remain focused on launching Bingo.com into new markets and enhancing the product offering of games at our Web site as we finalize obtaining a tier one gaming license, expected in the fourth quarter of this year. To help us achieve these goals and provide additional marketing support we secured a $600,000 private placement of our common shares for the Company. The gaming traffic to Bingo.com remains stronger than ever and we believe our strategies will return us to profitability.”
However, Bingo.com also increased its operating costs for the second quarter, up 9% from the first quarter, at $753,403. This was due to the increase in expenses related to marketing and sales aswell as all the bonuses offered and granted to players.
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By Michael
