November 10, 2009

Bingo.com Announces Third Quarter Resultsaccrobat_icon

ANGUILLA, B.W.I., November 10, 2009 / Bingo.com, Ltd. (OTC BB: BNGOF), operator of the popular online gaming community http://www.bingo.com, today announced its preliminary unaudited financial results for the third quarter ended September 30, 2009. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

“The effects of the economic downturn were evident in our third quarter results,” said Tarrnie Williams, the Company’s CEO. “Online bingo players have become quite sophisticated and, with an increase in the number of similar product offerings, individual player values have contracted. In anticipation of this fact, we invested significant resources during the third quarter into a differentiated product that will soon be ready for release. The fourth quarter has started well and, when our new offering is live, we expect the business to be well positioned to return to growth and profitability.”

Bingo.com highlights for the third quarter of 2009 included:

    • Third quarter gaming revenue of £852,513, an increase of 9% from gaming revenue of £781,948 for the third quarter of the prior year and a decrease of 11% from gaming revenue of £957,040 in the second quarter of 2009 when measured in Pounds Sterling, our depositing currency.
    • Net loss of $390,432 in the third quarter of 2009
    • Financed and installed new system architecture to host new games and new features

The Company’s revenues are primarily received in Pounds Sterling whereas the majority of its fixed expenses are in both Canadian and United States Dollars. The large swings in the exchange rates of these currencies have negatively affected our operations.

Total revenue decreased by 8% to $1,436,296 for the quarter ended September 30, 2009, from revenue of $1,560,087 for third quarter of 2008 and a decrease of 5% from revenue of $1,512,116 in the second quarter of 2009. Gaming Revenue decreased to $1,383,534 (£852,513) in the quarter ended September 30, 2009, a decrease of 7% (9% increase when measured in Pounds sterling), compared to Gaming Revenue of $1,487,999 (£781,948) in the third quarter of 2008 and a decrease of 5% (11% decrease when measured in Pounds sterling), from revenue of $1,460,149 (£957,040) in the second quarter of 2009. The increase compared to the third quarter of 2008 and the decrease compared to the second quarter of 2009, is due to a varying levels of player deposits. We believe the decline in revenue compared to the second quarter of 2009 has been affected by the economic downturn in the United Kingdom economy. Bingo.com earned advertising revenue of $52,762 in the quarter ended September 30, 2009, a 27% decrease from advertising revenue of $72,088 in the third quarter of 2008 and an increase of 2% from advertising revenue of $51,967 in the second quarter of 2009.

Cost of revenue decreased to $962,525 during the quarter ended September 30, 2009, a decrease of 5% compared to costs of $1,009,045 for the third quarter of 2008 and an increase of 1% over costs of $951,954 in the second quarter of 2009. Cost of revenue consists of bonuses granted on deposits made by players, the cost of hosting the website, payment processing fees in relation to deposits from and withdrawals to our players, software license fees, and the domain name purchase payments. The decrease in cost of revenue for the quarter ended September 30, 2009, compared to the third quarter of 2008 is due to fluctuations in the pound relation to the US Dollar. The increase compared to the second quarter of 2009, is due to the increase in costs, especially bandwidth and gaming taxation, in relation to our Maltese operation.

Operating costs before interest, depreciation and amortization expenses, including sales and marketing and general and administrative expenses increased to $864,959 in the third quarter of 2009, an increase of 3% over operating expenses of $840,239 in the third quarter of 2008 and an increase of 3% over operating costs of $840,160 in the third quarter of 2009. The increase in operating expenses compared to the third quarter of 2008 and the second quarter of 2009 is due to fluctuations in the foreign currency market.

Sales and marketing expenses decreased to $427,311 during the third quarter of 2009, a decrease of 15% over sales and marketing expenses of $371,359 in the third quarter of 2008 and a decrease of 6% over expenses of $455,501 during the second quarter of 2009. These costs include sign up bonuses and incentives, affiliate commissions, advertising, and other promotional expenses intended to increase our subscriber base and improve gaming revenue. The increase compared to the third quarter of 2008, is primarily due to the increase in marketing expenses, particularly search engine optimisation costs incurred to retain our top ranking positions in the search engines. The decrease compared to the second quarter of 2009, is due to the decrease in marketing spend by the Company.

General and Administrative expenses consist of salaries, premises costs for our office, legal and professional fees, and other general corporate and office expenses. These expenses were $420,647 for the third quarter of 2009, an increase of 3% from general and administrative expenses of $409,645, in the third quarter of 2008 and a decrease of 2% from expenses of $429,384 for the second quarter of 2009. The increase compared to the third quarter of 2008, is due to an increase in the number of employees. The decrease compared to the second quarter of 2009, is due to expenses incurred for our Annual General Meeting held in the second quarter of 2009 and legal expenses incurred in the second quarter of 2009 in relation to our Maltese operations.

Net loss for the quarter ended September 30, 2009, amounted to $390,432, or $0.01 per share, an increase of 45% compared to a net loss of $268,774 or $0.01 in the third quarter of the prior year and an increase of 46% compared to a net loss of $266,702 or $0.01 per share for the second quarter of 2009. The increase in net loss is due to the decrease in revenue during the quarter.

The Company has made a provision for the progressive jackpots on its slots games and for players float. We had cash of $547,505 and working capital of $429,121 before the provision for jackpots and players float of $348,382 at September 30, 2009. This compares to cash of $412,002 and working capital of $336,316 before the provision for jackpots and players float of $211,821 at December 31, 2008.

For full details of the Company’s operations and financial results, please refer to the Securities and Exchange Commission website at www.sec.gov or the Bingo.com website at http://www.bingo.com.

About Bingo.com

Bingo.com, Ltd. (OTC BB: BNGOF) is the parent company of the Bingo.com group of companies which operates the popular online gaming community http://www.bingo.com. The Bingo.com group offers multiplayer bingo, slot machines, sweepstakes, and more. Players come together from around the world to chat, share, play and win at Bingo.com. With over 1,975,000 registered users http://www.bingo.com is one of the most recognized and most visited bingo entertainment destinations on the Internet.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to anticipated future success of the company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company’s filings with the Securities and Exchange Commission. Specifically, readers should read the Company’s Annual Report on Form 10-KSB, filed with the SEC on March 28, 2008, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005 and the SB2 filed July 17, 2007, for a more thorough discussion of the Company’s financial position and results of operations, together with a detailed discussion of the risk factors involved in an investment in Bingo.com, Ltd.

For more information contact:

      • Henry Bromley
      • CFO
      • ir@bingo.com
      • (264) 461-2646

BINGO.COM, LTD. and subsidiaries Consolidated Balance Sheets

TT5

See accompanying notes to consolidated financial statements.

BINGO.COM, LTD. and subsidiaries Consolidated Statements of Operations For Periods Ended September 30, 2009 and 2008 (Unaudited)

TT6

See accompanying notes to consolidated financial statements.

BINGO.COM, LTD. and subsidiaries Consolidated Statements of Stockholders’ Equity For the period ended September 30, 2009 (Unaudited)

TT7

See accompanying notes to consolidated financial statements.