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Bingo.com Revenues Sinking

5/17/10 - Bingo.com chief executive Tarrnie Williams presented the 2010 first quarter results for the company this week, posting a 13 percent decline in revenues to GBP 773 974 compared to Q1/2009, and 17 percent down on Q4/2009.
 
The company reported a net loss of $344 806 in the first quarter of 2010.
 
The company recently sold 25.9 percent of its equity to the Unibet group for $2 250 000  and joined the Unibet roster of software licensees and network.
 
“Bingo.com was in a period of transition during the first quarter of 2010,” said Williams. “Early in the quarter, Bingo.com changed to a new software system. While the transition to the system was smooth, the results were not positive enough to warrant a significant marketing investment in the competitive UK market.
 
"As we recognized a change in strategy was necessary, we began talks regarding a partnership with Unibet. During the quarter we signed on to the Unibet partner program. However, the technology required development and we were not able to go live until just this week, almost half way through the second quarter.  Play Online Bingo Now.
 
"The traffic to Bingo.com is strong and new player acquisitions are occurring from dozens of countries worldwide as we now support 23 languages on the Unibet platform. Now that our desired business strategy is in place, we believe it is only a matter of time before profitability will be achieved.
 
"The Company’s revenues are primarily received in Pounds Sterling whereas the majority of its fixed expenses are in both Canadian and United States Dollars. The large swings in the exchange rates of these currencies have negatively affected our operations."
 
Williams revealed that total group revenue decreased to $1 254 792 for the quarter ended March 31, 2010, a decrease of 5 percent from the first quarter of 2009, and a decrease of 19 percent from revenue of $1 552 320 in the fourth quarter of 2009.
 
Gaming revenue decreased to $1 209 269, a decline of 6 percent in the quarter ended March 31, 2010, compared gaming revenue of $1 284 732 in the first quarter of 2009 and a 19 percent decrease from revenue achieved in the fourth quarter of 2009.
 
"When measured in Pounds Sterling, presently our depositing currency, the gaming operations provided revenue of GBP 773 974, a decrease of 13 percent from gaming revenue of GBP 894 738 for the first quarter of 2009 and a decrease of 17 percent from gaming revenue generated in the fourth quarter of 2009," said Williams.
 
Operating costs before interest, depreciation and amortization expenses, including sales and marketing and general and administrative expenses increased to $719 373 in the first quarter of 2010, an increase of 1 percent over the corresponding period in 2009.
 
Net loss for the quarter ended March 31, 2010, amounted to $344 806, an increase of 41 percent compared to a net loss of $243 974 in the first quarter of 2009, and an increase of 20 percent compared to Q4/2009.
 
The company has approximately $2 328 000 in cash as at May 14, 2010.

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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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