|Bingo.com Limited, operators of online gaming site Bingo.com, has announced that revenues for the first quarter of the year rose 18 percent over those of the reporting period.|
The firm reported total revenues of $1.34 million, which was up on the $6,300 reported for the same period last year. The figure was also an increase over last quarter’s $1.13 million and well above the third quarter of 2007’s $989,576. Net losses were also down to $262,543 from $336,968 for the fourth quarter of 2007 and $395,787 for the third quarter of last year.
'The first quarter of 2008 was another strong quarter of growth for Bingo.com,' said Tarrnie Williams, Chief Executive Officer for Bingo.com.
'We've increased our revenues, decreased our costs and further entrenched Bingo.com as a premier gaming operator in the United Kingdom market.
“Bingo.com has added thousands of new real-money players in the quarter and the popularity of our gaming suite is growing rapidly within the UK bingo community. Our strategy remains focused on leveraging the strength of the Bingo.com URL in the UK as we prepare for the launch of Bingo.com in other markets and other languages. While many challenges remain, Bingo.com is in an excellent position to return to profitability.'
The firm reported gaming revenues of $1.26 million for 2008’s first quarter compared to none for the same period last year. In addition, the figure was a 21 percent increase on the previous quarter’s $1.04 million, which it attributed to an increase in its player base alongside advertising revenues of $83,877.
It also revealed that operating costs decreased three percent to $693,847 for the first quarter of 2008 compared to $713,297 for the previous reporting period due to a reduction in sales and marketing expenses.