The well-known online gaming giant Bingo.com Limited, which runs the popular Bingo.com, has reported on its financial results for the third quarter of 2010. These have shown a year-on-year decrease in net revenue of 93 percent, to $97,509.
Back in August, Bingo.com had already reported a 76 percent drop yearly in net revenues for its second quarter to $368,932 . Overall, the company has announced that these last results meant an overall decrease in earnings of 72 percent year on year. For the third quarter of 2010 Bingo.com has announced a net loss of $245,507, with the overall deficit for the same period of 2009 of $390,432. The company has stated that there has been a reduction of general and administrative expenses, specially in the “development” of Bingo.com. This was made possible due to its migration to the UNibet partner programme.
Tarnie Williams, Chief Executive Officer for Bingo.com Limited said that “The third quarter of 2010 was one of transition for Bingo.com. The first phase of our revised business plan is now underway. Our costs have declined, our net loss has been reduced and the purchase of the remaining four percent domain name payments for the Bingo.com URL has been completed. The second phase of our plan has also begun as we are preparing a new Bingo.com marketing campaign and working with Unibet to perfect the online bingo offering. The third and final phase of our plan will start in the first quarter of 2011 when we launch our media plan in markets targeted to provide Bingo.com with the best return on investment and the highest likelihood of helping the company return to profitability.” For the third quarter of 2010 Bingo.com reported net gaming revenue of $82,745, which represents a 94 percent year-on-year decrease compared to $1.38 million during the same period in 2009. This is also a 75 percent decline from the previous quarter of 2010, when it reported $333,115.