Bingo.com recently announced the figures of their loss
For the past few weeks, we’ve heard how Bingo.com is struggling to meet its financial goals. But this week, we’ve heard that they continue to lose money as they report their quarterly updates. Bingo.com, even having the best domain in the world of online bingo, and despite being the top most searched term in the bingo industry, continues to struggle and lose substantial amounts each month. Let’s take a look more closely at the details.
The fourth quarter of their 2008 revenues was just recently published. And believe it or not, the online bingo network has lost more than a million US dollars, $1,164,801 to be exact. But even if that is the case, they still improved as compared to their loss in the year 2007, when Bingo.com’s loss amounted to $1,432,343 in US Dollars. Do you think it’s because they aren’t doing well in the gaming industry? Don’t think so. In fact, their gaming revenues for the fourth quarter amounted to £819,953, Sterling Pounds.
This only goes to show that they do have a lot of payables, taxes, or operating expenses that cannot be compensated by this large revenue. Even though Bingo.com continues to struggle, we seem to be seeing a good improvement on their part. According to these statistics, they even got a sixty percent increase as compared to their 2007 fourth quarter gaming revenues.
In 2007, their reported gaming revenues were £510,171 in the fourth quarter. But, that’s just one quarter. So imagine how much more they earn each year? At the same time, they also got a five percent increase in third quarter revenues in 2008. However, the increase was mainly because there were more players who visited, joined, and played on their online bingo site.
Nevertheless, even though Bingo.com had a strong quarter in 2008, they were still down due to the negative economy that we are all facing this year. Perhaps, when things go back to normal again, we’d see Bingo.com rise up to the top once more.
