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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.”
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 -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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