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Losses Continue at Bingo.com
Friday May 17,2013 : REVENUES UP, BUT LOSSES CONTINUE AT BINGO.COM
Marketing expenses soak up the money
Online bingo operator Bingo.com Limited has posted a set of unaudited Q1-2013 financial results showcasing a creditable 45 percent rise in y-o-y revenues to $590,199, but a net loss of $471,189, mainly due to increased marketing spend.
Comparing the first quarter 2013 with the last quarter of 2012, revenues are up 7 percent and the player base has grown, Management reports.
CEO Jason Williams says the first quarter this year has gone according to plan.
“Our aggressive marketing efforts have increased Bingo.com's European player base and gaming volumes to record levels for the company,” he claimed. “While it's disappointing to have a loss, we had anticipated our increased marketing spend would put us in the red for the short-term,” Williams added.
“However, our marketing continues to be well received and our player acquisition costs are within targets. The second quarter will see a reduced marketing spend as we consolidate our position and focus on the monetization of our now significantly larger player base.”
First-quarter sales and marketing expenses grew by 191 percent year-on-year to $868,789, and the company held $550,997 in cash as of March 31 2013, with positive working capital of $920,435.
“Bingo.com has returned to the North American market with its entry into the social casino segment with Trophy Bingo,” said Williams.
“With the game entering its beta testing phase, we are enthusiastic about our innovative product and its potential in the global online bingo industry.”
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The inaugural PokerStars Championship Bahamas saw two big winners crowned this weekend when Christian Harder won the main event for $429,664 and Luc Greenwood took home $779,268 after taking down the $25,750 High Roller event.
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Pennsylvania state politicians have wasted no time in getting back to work in the new legislative season, and there is renewed hope for a gambling expansion bill that includes online gambling and daily fantasy sports.
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New Jersey Senator and gubernatorial candidate Raymond Lesniak warned that any attempt to overturn a 2011 Department of Justice opinion that the federal Wire Act exclusively governs sports betting would be met with a hard-nosed reaction from his state.
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