Anguilla-based Bingo.com Limited, the operator of popular online gaming community Bingo.com, has announced its unaudited financial results for the third quarter showing a ten percent rise in total revenues.
The firm reported total revenues of $1,560,087 versus $1,415,858 for the second quarter of the year and 58 percent higher than the $989,576 declared for the third quarter of last year. In addition, a net loss of $268,774 was declared for the quarter, which was a 14 percent increase on the $235,188 reported for the previous period but a 32 percent decrease from that stated for the third quarter of 2007.
'The third quarter of 2008 continues to show improvement for Bingo.com,' said Tarrnie Williams, Chief Executive Officer for Bingo.com.
'During the quarter we increased our revenues, primarily from our gaming operations in the United Kingdom, launched our first non-English version of Bingo.com and made important steps to acquiring our European Union gaming license.
“The increase in net loss is primarily due to unrealised foreign exchange losses due to the turbulent foreign exchange markets and our reporting in United States dollars.
“We are confident of securing our European Union gaming license in the fourth quarter of 2008, which will enable us and our affiliate marketing partners, to market our products through a much wider range of channels.
“We remain focused on executing our strategy and believe we will be capable of returning Bingo.com to profitability.'
Bingo.com reported revenues from gaming of $1,487,999 for the quarter, which was an increase of 56 percent compared to the $954,815 reporrted last year and an eleven percent rise over the previous period’s $1,337,441.
“The increase compared to the third quarter of 2007 and the second quarter of 2008 is due to an increase in our player base,” read the firm’s report.