BINGO.COM ON THE UPTURN?
Monday November 14, 2011 : Unibet partner program a good bet
The tide appears to be turning for Bingo.com, who joined the Unibet International Limited Partner Program last year, as the company announced a 327 percent increase in total revenue in its third quarter 2011 results compared to the same period last year.
A changing of the guard took place with the promotion of Jason Williams to president and chief executive officer replacing his father Tarnie Williams who continues as chairman of the company and an extensive company restructure completed in June 2011.
Key performance indicators for the third quarter period ending September 30, 2011 include:
– Second consecutive profitable quarter;
– Net income of $15 158 reflecting a 78 percent increase (Q2/201: $8 520);
– An increase of 15 percent in total revenue amounting to $416 732 compared to quarter two 2011 (Q2/2011: $363 492) and an increase of 327 percent over the same period last year (Q3/2010: $97509);
– Gaming revenue was $398 803, an increase of 13 percent compared to revenue of $352 413 in the second quarter of 2011, and an increase of 382 percent compared to $82745 in the third quarter of 2010.
"Bingo.com has increased revenue and profits in the third quarter of 2011", said Jason Williams, chief executive officer, Bingo.com.
"We continue to build on the success of our restructuring program and marketing efforts. Despite the challenging summer months and a significant negative effect from currency fluctuations due to the strengthening of the United States Dollar, our reporting currency, Bingo.com has performed well.
"The benefits of Bingo.com's participation in the Unibet partner program are now being realized with gaming revenues increasing by 382 percent when compared with the same quarter in 2010. Leveraging the multi-language and multi-currency features of the Unibet platform, Bingo.com's European expansion is proving successful with several markets now contributing significant portions of our revenue.
"Player acquisitions and gaming activity on Bingo.com remain high and we hope to continue our success with further marketing investments in the fourth quarter."
