Bingo.com Announces Increased Profits

Date Added: November 24, 2008

The operator of Bingo.com, Bingo.com Limited, has announced impressive financial results for the third quarter of 2008. The operator of the popular online gaming community reported an increase of ten percent in total revenues for this period.

Bingo.com Limited reported total revenues of $1,560,087 versus $1,415,858 in the second quarter of 2008. The figure was also 58% higher than the revenues produced in the same quarter of 2007. A net loss was reported of $268,774 for the third quarter of 2008, but was still a 14% increase on the $235,188 loss reported for the second quarter.

Tarrnie Williams, CEO of Bingo com said: “The third quarter of 2008 continues to show improvement for Bingo.com. During the quarter we increased our revenues, primarily from our gaming operations in the United Kingdom, launched our first non-English version of Bingo.com and made important steps to acquiring our European Union gaming license.”

Williams continued that the net loss reported by the company was mainly due to foreign exchange losses which were unpredicted, and part of the turbulent foreign exchange markets experienced in recent months. The fact that the company reports in US dollars also had an impact on the figures.

Williams said that Bingo.com is confident that they would secure their European Union gaming license in the fourth quarter of 2008, and believed this would enable them and their affiliate marketing partners to market their products through a very wide range of channels.

“We remain focused on executing our strategy and believe we will be capable of returning Bingo.com to profitability,” concluded Williams.

The financial statement of Bingo.com stated: “The increase compared to the third quarter of 2007 and the second quarter of 2008 is due to an increase in our player base.”

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