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BINGO.COM PROFITABLE AT LAST

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 Bingo.com 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
 
"Bingo.com has returned to profitability in the second quarter of 2011", said Jason Williams, Bingo.com's CEO. "In the first quarter of 2011, we completed the restructuring of Bingo.com'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, Bingo.com'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 Bingo.com's marketing initiatives in January 2011 and the rise of our active player base, Bingo.com's revenues have climbed steadily. Now with higher revenues and lower operating costs, Bingo.com has been able to secure its first profitable quarter since the second quarter of 2006. Moving forward, Bingo.com will continue to invest in targeted marketing initiatives with the intention of growing revenues and profits."

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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