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Q1 REVENUES UP AT BINGO.COM
Online bingo operator Bingo.com enjoyed a better quarter one this year, according to unaudited results for the first quarter ended March 31, 2008. Revenues and player acquisitions were up and operating costs have been reduced, but the company still showed a net loss.
"The first quarter of 2008 was another strong quarter of growth for Bingo.com," said Tarrnie Williams, the Bingo.com's CEO. "We've increased our revenue, decreased our costs, and further entrenched Bingo.com as a premier gaming operator in the United Kingdom market.
"Bingo.com has added thousands of new real-money players in the quarter and the popularity of our gaming suite is growing rapidly within the UK bingo community. Our strategy remains focused on leveraging the strength of the Bingo.com URL in the UK as we prepare for the launch of Bingo.com in other markets and other languages. While many challenges remain, Bingo.com is in an excellent position to return to profitability."
Highlights of the first quarter of 2008 included:
* Total revenue of $1,34 million up 18 percent from total revenue of $1 135 844 in the fourth quarter of 2007.
* Net loss of $262 543 in the first quarter of 2008 from net loss before abnormal items of $336 968 in the fourth quarter last year.
* Initial license approval by the Alderney Gaming Commission.
Total revenue increased to $1 344 347 for the quarter ended March 31, 2008, boosted by gaming revenue of $1 260 470 in the quarter, an improvement compared to Q1 2007, when there was no gaming revenue, and an increase of 21 percent from revenue of $1 045 259 in the fourth quarter of 2007. The increase was ascribed to player base growth.
Advertising revenue of $83 877 was accrued in the quarter, an increase from $6 300 achieved in the first quarter of 2007, but a decline of 7 percent when compared to fourth quarter revenues from this source.
Operating expenses compared to the fourth quarter of 2007 were lower, primarily due to a decrease in sales and marketing expenses, especially incentive bonuses awarded to players. Bingo.com commenced offering cash games in the United Kingdom in the second quarter of 2007, requiring more marketing.
Net loss for the quarter was $262 543, a decrease of 20 percent in net loss of $328 967 recorded in the Q1 2007.
Following on the release of its results, Bingo.com Ltd. announced this week that it has closed a private placement of 2 million common shares at $0.30 per share to raise net proceeds of $600 000. These shares were placed with non U.S. residents under Regulation S exemptions.
"Proceeds from the offering will be used to fund our expansion beyond the United Kingdom market," said CEO Tarrnie Williams. "In the near future we will be launching a Spanish version of our website and allowing players to deposit in various major currencies. These initiatives will enable Bingo.com to continue to grow and expand its market share."
The company boasts a database of 1,8 million registered users.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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