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Bingo.com has posted a disappointing set of Q2-2012 results
Wednesday August 15, 2012 : BINGO.COM RESULTS DISAPPOINT
First quarter revenue increase has not been maintained
Online bingo operator Bingo.com has posted a disappointing set of Q2-2012 results showing a decline from Q1's 64 percent rise in revenues to a 4 percent decline.
The Anguilla-based firm reported a net deficit for the quarter to June 30 2012 up by almost $4,000 quarter-on-quarter to reach $28,908.
Total revenues for Q2-2012 slipped 14 percent quarter-on-quarter, with income from gaming operations falling 12 percent quarter-on-quarter to $339,869.
“This decrease compared to the second quarter of 2011 and the first quarter of fiscal 2012 is due to unfavourable gaming results late in the quarter,” Management reported.
“We earned advertising revenues of $7,873 in the quarter ended June 30, 2012, a decrease of 29 percent from advertising revenue of $11,079 in the second quarter of 2011 and a decrease of 59 percent from advertising revenue of $19,382 in the first quarter of 2012.”
“Despite increased gaming activity across many products, our revenues declined,” said chief executive officer Jason Williams.
“Our strategy in the second quarter was to reduce our marketing costs and focus on player development and retention, which was successful. While we achieved our objective of improving our total operating margin, low gross margins in our casino products late in the quarter and a negative impact from currency fluctuations combined to give us a net loss for the quarter.
"However, our task is to post an annual net profit for Bingo.com and with the third quarter off to a strong start we believe that milestone will still be reached.”
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 -
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