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Bingo.com’s financial results for the third quarter of 2011

Bingo.com, an iGaming Bingo firm has released their unaudited financial results for the third quarter of 2011 that positively showed a 78% rise in net income to $15,158 over the previous quarter.

The total revenues for Bingo.com for the third quarter that ended in September showed a 15% increase to $416,732 over the previous quarter and with that result in, Bingo.com experienced their second consecutive quarter of profits.

The rise in total revenues over the previous quarter also meant a 327% increase over last year’s result, while the revenues from gaming increased by 13% over the previous quarter and a 328% over the same time last year to hit $398,803.

Jason Williams, Bingo.com’s Chief Executive Officer stated that “Bingo.com has increased revenues and profits in the third quarter of 2011.”

“We continue to build on the success of our restructuring programme and marketing efforts. Despite the challenging summer months and a significant negative effect from currency fluctuations due to the strengthening of the United States Dollar, our reporting currency, Bingo.com has performed well.

“The benefits of Bingo.com’s participation in the Unibet partner programme are now being realised with gaming revenues increasing by 382 percent when compared with the same quarter in 2010. Leveraging the multi-language and multi-currency features of the Unibet platform, Bingo.com’s European expansion is proving successful with several markets now contributing significant portions of our revenue. Player acquisitions and gaming activity on Bingo.com remain high and we hope to continue our success with further marketing investments in the fourth quarter.”

While Bingo.com stated that “this increase compared to the second quarter of 2011 and the third quarter of fiscal 2010 is due to increased marketing efforts.”

“We earned advertising revenue of $17,929 in the quarter ended September 30, an increase of 62 percent from advertising revenues of $11,079 in the second quarter of 2011, and an increase of 21 percent from advertising revenue of $14,764 in the third quarter of 2010.”

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