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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.



Gambling News :

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

New MPN Poker Rooms Tower Torneos - Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<

NY Rangers vs. Devils on 12/21 - When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.

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