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Bingo.com Earnings Down

Tuesday, September 4, 2012 : BINGO.COM BACK IN THE DOLDRUMS
 
Q2-2012 contributes to a year-on-year decline of 4 percent
 
The relief of Bingo.com investors, who earlier this year celebrated a 64 percent year-on-year rise in revenues at the famously unsuccessful operator, was short-lived following the recent news that Q2-2012 revenues fell to $347,743, contributing to a 4 percent year-on-year decline so far.
 
Chief executive officer Jason Williams blamed under-performing casino activity and currency fluctuations as the main culprits in the slide, saying:
 
“Our strategy with 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."
 
Williams remains hopeful that the company, which is part-owned by Unibet the Nordic Gaming Group, will manage to post a net profit by year-end, revealing that Q3-2012 trading has started well.

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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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