Popular Bingo Site Announces Growth - 05-19-08

May 19 - Bingo.com Limited, whose income has been climbing steadily thanks to the growth of the online bingo industry in the United Kingdom, has announced quarter on quarter growth of 18% in Q1 2008. Revenues for the first quarter of the year reached $1.34 million.

Net losses, however, have been reported to the tune of $262,543 in the first quarter of the year, in comparison with net losses of $173,000 and nearly $400,000 in the last two quarters. Bingo.com has managed to decrease its operational costs in a number of fields, including marketing and sales, including the decrease in the number of bingo bonuses offered to its regular players.

Gaming revenues for Bingo.com have increased by 21%, mainly thanks to an impressive number of new players who have signed up to join the site as word of its product range and reputation spreads.

Bingo.com has recently received an initial licensing approval from the Alderney Gambling Control Commission.

The CEO for Bingo.com, Tarnie Williams said: "The first quarter of 2008 was another strong quarter of growth for Bingo.com. We've increased our revenue, decreased our costs, and further entrenched Bingo.com as a premier gaming operator in the United Kingdom market. Bingo.com has added thousands of new real-money players in the quarter and the popularity of our gaming suite is growing rapidly within the UK bingo community."

"Our strategy remains focused on leveraging the strength of the Bingo.com URL in the UK as we prepare for the launch of Bingo.com in other markets and other languages. While many challenges remain, Bingo.com is in an excellent position to return to profitability."

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