Losses Narrowed at Bingo.com

Bingo.com has reported a narrowing of its losses for the second quarter of 2008. The online playing site is one of the biggest and most well known playing sites on the internet.

The online playing site reported revenues of $1,415,858 for the quarter ending on June 30, 2008. This represents a 5 percent increase over the previous quarter and a decrease of 10 percent in its net losses from the first quarter figures. The increase in revenues was due to an increase in the size of its customer base. There was a 9 percent increase in operating costs also during the period due to increased customer bonuses and higher sales and marketing costs.

The company does not yet meet the licensing status to advertise in the United Kingdom but still grew their customer base and achieved growth during the second quarter. They plan on concentrating on new markets and new product offerings in order to sustain their growth in the coming quarters. They don’t expect to achieve the licensing that will allow them to advertise in the United Kingdom until the fourth quarter.

The company’s stock is currently listed at $0.21 per share having recovered from its yearly low of $0.145 the week before.

Bingo.com offers seventy-five, eighty and ninety number bingo with a large variety of different kinds of games. Players can also enjoy slots and video poker and take part in a variety of contests for prizes.

Posted: August 18, 2008
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