Bingo.com Ltd, owner of online gaming platform www.bingo.com, has registered its first profitable quarter since the second quarter of 2006.
Net income for the three months ended June 30 stood at $8,520 compared with a net loss of $743,332 in the first quarter of this year. Revenue of $363,492 is up by 47 per cent from revenue of $247,044 in the first quarter of 2011.
Bingo.com Ltd is the parent company of the Bingo.com group of companies – Bingo.com Bingo, Bingo.com Casino and Bingo.com Poker are provided by Maria Services Ltd, a wholly owned subsidiary of Unibet Group plc, a public company incorporated in Malta.
With just under two million registered users www.bingo.com is one of the most recognised and most visited bingo entertainment destinations on the internet. Bingo.com is licensed by the Lotteries and Gaming Authority.
“Bingo.com has returned to profitability in the second quarter of 2011,” Bingo.com chief executive officer Jason Williams said. “In the first quarter of 2011, we completed the restructuring of Bingo.com’s strategy, technology, and personnel and are pleased to see the positive results that have been achieved.
As a member of the Unibet partner programme, Bingo.com’s international player acquisitions and revenues have greatly improved. The combination of a multi-language and multi-currency approach with a wide selection of premium bingo and casino games has resulted in high player values from a number of countries.”
Mr Williams attributed increased revenues to the launch of Bingo.com’s marketing initiatives last January and the rise of the active player base. He said Bingo.com would continue to invest in targeted marketing initiatives with the intention of growing revenues and profits.
Gaming revenue for the period under review stood at $352,413, up 52 per cent from $231,177 in the first quarter of 2011.
Operating costs before interest, and depreciation expenses, including sales and marketing and general and administrative expenses were $354,947 in the second quarter of 2011, a decrease over operating costs of $987,749 in the first quarter of 2011.