Bingo.com Ltd, operator of one of the world's largest online bingo halls, this week reported third quarter gaming revenue of £852,513, up nine per cent from the corresponding quarter last year. It posted a net loss for the quarter of $390,432, blaming the economic slowdown.

With just under two million registered users, the portal is one of the most recognised and visited bingo destinations on the Web.

The West Indies-based group has a wholly owned Maltese subsidiary, Bingo.com Operations Ltd, based in Ta' Xbiex.

"The effects of the economic downturn were evident in our third quarter results," chief executive Tarrnie Williams said.

"Online bingo players have become quite sophisticated and, with an increase in the number of similar product offerings, individual player values have contracted."

Group revenue for the quarter was down 11 per cent from the £957,040 posted in the second quarter this year.

The company's revenues are primarily received in sterling but the majority of its fixed expenses are in Canadian and US dollars. The large swings in the exchange rates of the currencies negatively affected operations.

Mr Williams said the company had invested significant resources during the third quarter into a differentiated product that will soon be ready for release. The fourth quarter started well. Once the new offering goes live, the business was expected to be well positioned to return to growth and profitability.

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