Press Releases 2006
Bingo.com Announces Third Quarter Results
ANGUILLA, B.W.I., November 14, 2006 / Bingo.com, Ltd. (OTC BB: BNGOF), operator of the World’s Largest Bingo Hall, today announced its financial results for the third quarter ended September 30, 2006. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
“It was a challenging quarter for Bingo.com,” said Tarrnie Williams, the Company’s CEO. “We were unable to maintain our strong revenue growth due to unforeseen and persistent software problems combined with slower summer demand. Unfortunately, once the software problems had been corrected, it was too late in the quarter to attain the revenue growth previously enjoyed. As a result, given our pre-planned marketing expenses, we were regrettably unable to maintain profitability. Just as our cash business was starting to improve again, the quarter ended with the unfortunate passing of the United States Unlawful Internet Gambling Enforcement Act, thereby creating unplanned challenges for the Company and causing us to refocus on emerging markets.”
“On the positive side,” added Mr. Williams, “the Company, in the quarter, completed its market studies and initial preparations for Bingo.com’s entry into the United Kingdom, thereby significantly shortening the time required to enter this growing market. Our planning, combined with the rapid disposition of our United States cash business, puts us in a strong position to return to profitability.”
Bingo.com Sells United States Online Gaming Business
ANGUILLA, B.W.I., October 11, 2006 / Bingo.com, Ltd. (OTCBB: BNGOF), operator of the World’s Largest Bingo Hall, announced today that in response to the passage of the new United States legislation aiming to prohibit online gambling to United States citizens and residents that Bingo.com has sold it’s United States online gambling business in its entirety. Included in the transfer is the complete database of real money players, all historical data relating to the wagering of the real money players, and the gaming servers required to operate the business. While the terms of the deal are undisclosed, Bingo.com will receive payment of $1,200,050.00 United States Dollars at a variable rate over the coming months.
Bingo.com To Focus on European Expansion
ANGUILLA, B.W.I., October 2, 2006 / Bingo.com, Ltd. (OTCBB: BNGOF), operator of the World’s Largest Bingo Hall, announced today that with the passage of new United States legislation aiming to prohibit United States based banks, credit card companies and other Internet payment systems from making payments to online gambling companies, Bingo.com will be focusing future business expansion in European markets such as United Kingdom, Italy and other Internet gaming friendly jurisdictions. These countries have either passed, or are passing legislation legalizing and regulating Internet gaming.
“Bingo.com has a large number of players in the United Kingdom already and with over 48 million adults and a long standing bingo tradition, the United Kingdom is an ideal market for the Company’s initial international expansion,” commented Tarrnie Williams, CEO. “We have been in preparation for this targeted international strategy for a long time and we are excited to put these plans into action. We are extremely fortunate to have the best possible URL for providing online bingo so while this policy change in the United States may impact the performance of the Company in the short term, we expect the Bingo.com brand to be well received in the new markets in which we focus.”
Bingo.com Announces First Quarter Results
“Bingo.com recorded strong growth in its Internet traffic and gaming operations during the quarter,” commented Tarrnie Williams, the Company’s CEO. “The decision to remove competitive third party advertising from the website has resulted in significant increases to the Company’s own real money games. With the recent launch of the new Bingo.com website and the expansion of our marketing efforts we expect revenues and market share to continue to grow throughout 2006.”
Of the $710,011 in revenue for the quarter, the online gaming operations provided revenue of $593,965, an increase of 68% from gaming revenue of $353,348 in the fourth quarter of 2005. This increase in gaming revenue over the fourth quarter of 2005 is due to an increase in the number of real money bingo players visiting the Bingo.com website in the quarter. Total revenue increased to $710,011 for the quarter ended March 31, 2006, an increase of 8% from revenue of $654,438 in the fourth quarter of 2005 and an increase of 76% from revenue of $403,551 for the first quarter of 2005. The Company earned advertising revenue of $116,046 in the quarter ended March 31, 2006, a decrease of 61% from advertising revenue of $301,090 in the fourth quarter of 2005. This decrease is due to Management’s decision to suspend the sale of advertising available to third parties in order to increase the traffic to our own gaming operations.
Bingo.com Announces Fourth Quarter and Year End Results
“2005 was a landmark year for Bingo.com,” stated Tarrnie Williams, the Company’s CEO. “Our online gaming strategy was successfully implemented and has recorded strong growth since its initial launch. With our reduced reliance on advertising revenue, Bingo.com is now in a position to increase its marketing efforts and drive significant traffic into the cash games. We expect 2006 to be a record year for online bingo and Bingo.com.”
Bingo.com, Ltd. (the “Company”) ended the 2005 fiscal year with total revenue of $1,981,061, an increase of 71% over the previous year’s revenue of $1,158,620. Revenue for the fourth quarter of 2005 increased to $654,438 from $465,733 in the third quarter of 2005 and $389,921 in the fourth quarter of 2004. During the year ended December 31, 2005, we introduced traditional bingo for cash to our players. Our revenue from the cash bingo gaming operations amounted to $594,582 for the year ended December 31, 2005. Of the $654,438 in revenue for the quarter, the cash bingo operations provided revenue of $353,348, an increase of 79% from revenue of $197,873 in the third quarter of 2005. This increase is due to an increase in the number of cash bingo players.