Bingo.com Limited, operator of popular online gaming site Bingo.com, has released its unaudited financial results for the fourth quarter of last year revealing a 17 percent increase in year-on-year total revenues.
Although total revenues for the final quarter of 2008 were $1.32 million, this represented a 15 percent decrease over the third quarter. In addition, revenues produced from gaming operations rose 23 percent to $1.28 million, which was down 13 percent from the previous period.
For the year, the Anguilla-based firm reported that revenues amounted to $5.64 million while total loses came in at $1.16 million, which was a decrease of 19 percent compared to $1.43 million for 2007.
'The fourth quarter of 2008 was another strong quarter of growth for Bingo.com as we saw increased gaming revenues across all our products,' said Tarrnie Williams, Chief Executive Officer for Bingo.com.
'However, like many international companies, we have been negatively affected by the dramatic volatility of the currency market, particularly the fall of the UK Pound Sterling and the strengthening of the United States Dollar in relation to other world currencies.
'To help alleviate our future exposure to currency risk and to aid our expansion into new markets, we will shortly be implementing a multi-currency product feature to our gaming software that will allow for simultaneous gaming activity in Pounds Sterling, United States Dollars, Euros and other currencies we choose to offer.
“We continue to follow our business plan, which has been successful to date at securing significant numbers of bingo and slots players in the United Kingdom.
“In addition, through leveraging our recently acquired Maltese gaming license, we are creating a number of additional language and market-specific initiatives in anticipation of launching in several new markets in 2009.”