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Bingo.com’s first quarter figures for 2011 could have been better

Recent financial figures released by Bingo.com suggest that the company has suffered a decrease of 80% in total revenues to $247,044 when compared to the first 3 month of last year.

Bingo.com has finished restructuring so one could say that it was part of the blame, however the operator also blamed the decrease on high marketing costs. The operator also announced that the revenues for the first quarter of 2011 increased by 123% when compared to the previous quarter.

However,  Bingo.com announced that there was a 95% increase in the total number of monthly active players when compared to the first quarter of last year and  it’s gaming revenues had risen by 148% to $93,128 when compared to the last 3 month period. But, despite that, the $93,128 shows an 81% decrease on last year.

Tarrnie Williams, , Chief Executive Officer for Anguilla-based Bingo.com stated that “The first quarter of 2011 marked two milestones with the launch of our new marketing initiatives and the completion of our restructuring efforts.”

He added “I’m pleased to see our increased revenues and an increase in the total monthly active players although the results have come at a significant cost. We invested heavily into marketing placements in the first quarter and the response from our target market has been extremely positive.

“However, given the large size of our investment, we believe it will take many months before the full benefits of the campaign are realised and returns secured. We continue to support the marketing in target jurisdictions with lower intensity.

“Bingo.com has recorded a significant loss in the first quarter of 2011. This is primarily a result of the high marketing costs and large one-time charges stemming from our restructuring efforts, which are now complete. The remaining future costs of Bingo.com are now focused on the marketing function of the organisation as we invest to generate increasing amounts of targeted traffic to build a large base of valuable customers.”

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