Bingo.com announces third-quarter results

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Leading bingo operator Bingo.com recently announced a continued growth in the business in spite of the severe economic downturn around the world. Total revenues for the first 9 months of 2008 showed an increase of 10% over the same period last year although the third-quarter figure of $989,576 is a whopping 58% increase on the same period last year.

Even though the group announced a net loss of $268,774 the bulk of this was due to currency fluctuations over the year. There have been a number of landmark events over the period including the launch of the company's first Spanish bingo site, an application for a European Union gaming licence and the UK operation in particular is going from strength to strength. A recent revamp of the business is starting to pay dividends and the group is well positioned for the future.

With over $700,000 in the bank and working capital in excess of $400,000 the group is well financed for the future and we should see more lucrative promotions for players, increased advertising and yet more growth of the business in the short to medium term. Bingo.com has become one of the leaders in the sector and despite increased competition is set to push onwards and upwards with online bingo players the ultimate beneficiaries.