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Thursday August 18,2011 : First profitable quarter since Q2-2006, but there's a long way yet to go.
Investors in the online bingo company probably raised a Halleluiah! or two this week when the company's second quarter results showed a profit - the first quarter to do so since Q2-2006!
Financial results for the second quarter ended June 30, 2011 included:
* First profitable quarter since the second quarter of 2006.
* Net income for the three months ended June 30, 2011 of $8,520 compared to a net loss of $743,332 in the first quarter of 2011.
* Revenue of $363,492, an increase of 47 percent from revenue of $247,044 in the first quarter of 2011.
* Operating costs before interest, and depreciation expenses, including sales and marketing and general and administrative expenses were $354,947 in the second quarter of 2011, a decrease over operating costs of $987,749 in the first quarter of 2011 and a decrease over operating expenses of $425,892 in the second quarter of 2010.
* Sales and marketing expenses were slashed to $161,142 for the quarter, a decrease from expenses of $496,679 in the first quarter of 2011.
* The company had cash of $886,428 and positive working capital of $1,002,277 at June 30, 2011, compared to cash of $1,396,384 and positive working capital of $1,723,394 at December 31, 2010.
* Over 1,997,500 registered users
" has returned to profitability in the second quarter of 2011", said Jason Williams,'s CEO. "In the first quarter of 2011, we completed the restructuring of's strategy, technology, and personnel and are pleased to see the positive results that have been achieved.
"As a member of the Unibet partner program,'s international player acquisitions and revenues have greatly improved. The combination of a multi-language and multi-currency approach with a wide selection of premium bingo and casino games has resulted in high player values from a number of countries.
"With the launch of's marketing initiatives in January 2011 and the rise of our active player base,'s revenues have climbed steadily. Now with higher revenues and lower operating costs, has been able to secure its first profitable quarter since the second quarter of 2006. Moving forward, will continue to invest in targeted marketing initiatives with the intention of growing revenues and profits."

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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