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Financial results
Miles Ahead bingo software company acquired
Posted by Debbie Archer on 23 March 2011
Miles Ahead, a Norwegian developer of bingo and poker software, has been bought by EveryMatrix. Miles Ahead are best known as a developer of bingo and poker software for mobile applications, including iPhone and Android software. EveryMatrix will make the Miles Ahead software available to its 25 existing customers who include Centerbet, Chilli Poker and [...]
Mecca Bingo to get £154.3 million bingo tax bonus
Posted by Debbie Archer on 22 March 2011
The owners of Mecca Bingo are to receive a £154.3 million tax refund bonus after winning a VAT case against the government. Rank Group, who own Mecca Bingo, will get £74.8 million back in overpaid VAT from bingo games played between 1973 and 1996. On top of this they will also get interest on the [...]
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Ladbrokes boosted by strong bingo results
Posted by Debbie Archer on 11 October 2010
LONDON – Ladbrokes produced a strong set of trading results which were boosted by a 13% growth in revenues in their online bingo business. Ladbrokes Bingo only saw a one per cent rise in their active player numbers in the three months from July to September 2010 but their player base increased losses by 11 [...]
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Mecca Bingo owner Rank Group sees sales rise
Posted by Robert Alexander on 8 October 2010
LONDON - Rank Group, the owner of Mecca Bingo halls and online bingo site has seen its year on year sales rise by seven per cent in the third quarter of 2010 and hopes that its full year performance will see the company make profits of close to £50 million.
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Bingo boosts 888′s otherwise poor results
Posted by Debbie Archer on 1 September 2010
GIBRALTAR - The performance of 888′s bingo business was a bright spot in an otherwise poor performance in the first six months of 2010. 888 operate Wink Bingo, Posh Bingo and 888 Bingo as well as providing the bingo software for well known online bingo brands such as Foxy Bingo, Cheeky Bingo and UK Bingo. [...]
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Ladbrokes sees bingo perform well as poker struggles
Posted by Robert Alexander on 24 August 2010
LONDON, U.K. - Ladbrokes Bingo has seen an excellent financial performance over the first six months of 2010 be somewhat overshadowed by the company as a whole experiencing a fall in revenue of 2.4 per cent and Ladbrokes Poker continuing to get a foothold in the market.
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Bingo.com post loss for second quarter of 2010
Posted by Robert Alexander on 23 August 2010
Bingo.com has released its financial results for the three months up to June 30th 2010 and despite posting a loss of $27,977, it marks a vast improvement for the bingo site compared to the previous three months and the same period last year. The site also saw revenue decrease a remarkable 76 per cent on the same period last year.
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Party Bingo making impact in industry
Posted by Robert Alexander on 6 August 2010
LONDON, U.K. - Party Bingo, the bingo arm of Party Gaming, one of the biggest online gaming companies in the world, has seen tremendous growth in the first six months of 2010. In a half yearly report for the company, bingo revenues grew more than any other part of Party's games mix.
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NetPlay issue profit warning over Bingo Stars
Posted by Debbie Archer on 29 June 2010
NetPlay TV has issued a profits warning after the initial period of their Bingo Star television programme on ITV produced lower than expected revenues. NetPlay TV has Bingo Stars and Challenge Jackpot programming on ITV, Virgin 1 and STV. They launched Bingo Stars on 27 May and recently introduced a way of playing the game [...]
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Party Bingo will not merge with bwin
Posted by Debbie Archer on 28 June 2010
Party Gaming will not merge with European sports gambling giant bwin, according to a senior member of bwin’s advisory panel. It has been strongly rumoured that Party Gaming, owners of Party Bingo, Foxy Bingo and Cheeky Bingo, would merge with bwin to create the largest online gambling group in the world. But Hannes Androsch, bwin’s [...]
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Bingo only bright spot for 888
Posted by Debbie Archer on 28 May 2010
GIBRALTAR - The performance of 888′s bingo operation was the only bright spot as the company issued a profits warning this morning. 888 said that it had “revised its outlook for the remainder of the year and now expects profit to be significantly lower than previous market expectations”. Shares in the company plunged 20% in [...]
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Carlton Bingo profits rise on VAT reclaim
Posted by Debbie Archer on 18 May 2010
Carlton Bingo has sharply increased its profitablity, mainly thanks to a VAT settlement with HM Revenue and Customs. The UK’s fourth largest operator of bingo halls reported a £6.2 million profit in 2009, up from just £650,000 in 2008. Carlton Bingo has 14 bingo halls, mainly in Scotland. Their main bingo hall is in Livingstone [...]
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Bingo helps boost Paddy Power
Posted by Debbie Archer on 18 May 2010
DUBLIN – Bookmakers Paddy Power said that a strong trading performance in the first four and a half months of 2010 had been boosted by substantial growth at Paddy Power Bingo. Gross win in bingo, casino and games grew by 32% while bet volumes in the Paddy Power’s online sportsbook grew 39 per cent. Profits [...]
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Ladbrokes boosted by bingo growth
Posted by Debbie Archer on 14 May 2010
LONDON – Betting giant Ladbrokes said that bingo was one of the main growth areas of its business as it reported financial figures for the first four months of 2010. Ladbrokes Bingo had seen a 10 per cent rise in customer sign ups and a 5 per cent increase in revenues, helping to offset a [...]
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Mecca Bingo halls see improvement after poor winter
Posted by Robert Alexander on 23 April 2010
LONDON, UK - The operators of Mecca Bingo halls and Grosvenor Casinos, Rank Group plc has experienced a good start to the year with increased sales in its casinos and online platforms.
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Beacon Bingo sold for £45 million
Posted by Debbie Archer on 13 April 2010
LONDON – Beacon Bingo has been sold to a floated gambling investment company for £45 million. Praesepe, which is listed on London’s AIM market, has bought six Beacon Bingo halls and 26 Showboat branded amusement arcades (also known as Adult Gaming Centres) for £5 million in cash and have taken on the £40 million of [...]
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Foxy Bingo to stay on Globalcom software
Posted by Debbie Archer on 13 April 2010
GIBRALTAR – Foxy Bingo and the other bingo brands operated by Cashcade will stay on Globalcom software for at least another two years, it was announced this morning. Globalcom, which is part of 888′s Dragonfish business-to-business operations, said that they were delighted to have held on to the contract for Foxy Bingo, Think Bingo, Bingo [...]
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Revenue and Loss up at Bingo.com
Posted by Robert Alexander on 24 March 2010
Mecca Bingo revenues rise as profits fall
Posted by Robert Alexander on 25 February 2010
Mecca Bingo halls in 2009 increased takings by over £5million (from £227.6million to £230million) compared to 2008 figures. Growth in Mecca Bingo revenue was mostly a result of increased spend per customer as the halls had actually seen a fall in customer visits in 2009.
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Wink Bingo acquisition is good news for 888
Posted by Robert Alexander on 9 February 2010
LONDON - 888, who acquired Wink Bingo at the end of 2009, has announced that their latest bingo offering is already contributing well to the group's revenue and profit in 2010. 888 have also said that growth at the end of 2009 was driven by the highly popular 888 Ladies bingo site.
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Revenue up but new players down at Party Bingo sites
Posted by Robert Alexander on 3 February 2010
LONDON – Revenues at Party Gaming’s bingo sites rose 25 per cent over the past three months but player numbers fell and new sign ups dropped sharply. Party’s sites include Foxy Bingo, Think Bingo, Cheeky Bingo, Bingo Scotland and the recently rebranded Party Bingo. Most of their bingo sites were acquired last summer when they [...]
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Rank Group achieve 2009 sales growth
Posted by Robert Alexander on 20 January 2010
The Operator of Mecca Bingo halls and Grosvenor Casinos in the UK, Rank Group has posted significant sales growth in 2009, helped by rapid sales acceleration during the final quarter of the year. The improvement in sales at the end of last year means that Rank Groups earnings per share will be at the high [...]
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Bingo.com slumps to yet another loss
Posted by Debbie Archer on 12 November 2009
The extraordinary saga of Bingo.com continues with the company announcing another huge loss, despite owning the best online bingo domain in the world. Between July and September 2009 Bingo.com lost $390,432 and total revenue fell 8% on a year-on-year basis and 5% on a quarter-on-quarter basis. Chief executive Tarrnie Williams said that players were becoming [...]
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Bingo mentioned rarely by William Hill and Playtech
Posted by Debbie Archer on 21 October 2009
William Hill and Playtech have both released trading updates in the last 24 hours and neither company sought to mention their online bingo operations in any detail. Playtech said that operational highlights included “launch of a new version of Playtech’s bingo product which will be further boosted by increased liquidity contributed by existing and new [...]
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Foxy Bingo provides big boost to Party Gaming
Posted by Debbie Archer on 15 October 2009
Party Gaming published their third quarter results and the impact of their acquisition of online bingo giant Cashcade is immediately obvious. Cashcade owns Foxy Bingo, Cheeky Bingo, Think Bingo, Little Big Bingo and Bingo Scotland and also runs white label bingo sites, with the biggest client being Mirror Bingo. In the three months to 30 [...]
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Parlay posts awful numbers as bingo customers move away
Posted by Debbie Archer on 14 September 2009
Parlay Entertainment, the bingo software company, reported sharply lower revenues and a more than $1 million loss in the first half of 2009, including a $736,061 loss in the second quarter ending June 30. The brutal numbers reflects the loss of some key customers as well as increased costs as the company sets up in [...]
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Party Bingo revenues shrink but outlook good
Posted by Debbie Archer on 2 September 2009
Revenues at Party Bingo dropped from $2.5 million in the first six months of 2008 to $1.7 million in the same period in 2009 but the company is not worried by the fall. Earnings from bingo rose to $0.2 million, up from a loss of $0.1 million in the same period in 2008 but all [...]
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Paddy Power Bingo powering forward
Posted by Debbie Archer on 2 September 2009
Paddy Power Bingo is providing great growth to the Irish gambling company, at a time when the company has suffered from a run of bad sporting results. Issuing a half yearly report, Paddy Power plc said that their bingo operations were a bright spot that had made up for the poor perfomance of poker. “This [...]
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Second quarter challenges Bingo.com
Posted by Debbie Archer on 14 August 2009
Bingo.com said that it had experienced a “challenging” second quarter of the year with losses rising 9 per cent to $266,702 between April 1 and June 30, 2009. Chief executive Tarrnie Williams said the highly competitive UK market and ongoing development and licencing costs had contributed to the increased losses: “The second quarter of 2009 [...]
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Ladbrokes Bingo only bright spot in poor results
Posted by Debbie Archer on 6 August 2009
Ladbrokes Bingo’s strong financial performance was the only bright spot in a poor set of results announced by Ladbrokes plc this morning. Announcing interim results for the first six months of 2009, Ladbrokes said revenues fell 6.6 per cent and profits fell 25.6 per cent in the group overall but bingo revenues grew 29.8 per [...]
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Cashcade bingo sale to Party “not dramatic” says 888
Posted by Debbie Archer on 3 August 2009
The sale of Cashcade to Party Gaming is neither “dramatically positive or dramatically negative”, Gigi Levy, the chief executive of 888 told financial analysts this morning. On a conference call to discuss 888′s second quarter performance metrics, Levy was asked in detail about why he had not bought Cashcade, the parent company of Foxy Bingo, [...]
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Mecca Bingo stabilised and online a priority
Posted by Debbie Archer on 31 July 2009
Mecca Bingo’s bingo hall business has stablised in the first six months of the year and their online business is a major priority, according to their parent company Rank Group. In a trading statement updating the market on the first six months of 2009′s financial performance, Rank Group issued an upbeat statement. Rank’s chief executive, [...]
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Gala Bingo may be spun off
Posted by Debbie Archer on 27 July 2009
Gala Bingo could become a stand alone company as part of a restructuring planned by its lenders. Currently Gala Bingo is part of the Gala Coral group, which also owns a large chain of high street betting shops and casinos across the UK. According to press reports, the Royal Bank of Scotland, who is one [...]
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Analysis: Party Gaming buys Cashcade
Posted by Debbie Archer on 23 July 2009
Bingo News’ editorial team analyses the reasons behind Party Gaming’s £94.9 million purchase of Cashcade, operator of Foxy Bingo, Bingo Scotland, Cheeky Bingo, Think Bingo and Little Big Bingo. Cashcade has been up for sale for the past two years. Finally, a deal has been completed with Party Gaming paying £71.9 million up front and [...]
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Party Gaming buys Foxy Bingo for £94.9 million
Posted by Debbie Archer on 23 July 2009
Cashcade, the parent company of Foxy Bingo, Think Bingo, Bingo Scotland, Cheeky Bingo and Little Big Bingo, has been sold to Party Gaming. Party Gaming will pay an upfront cash payment of £71.9 million and up to £24 million in earn out payments dependent on the company’s future growth. Cashcade made £12.2 million in profit [...]
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Bingo.com still losing money
Posted by Debbie Archer on 18 May 2009
Bingo.com continues to lose money but are very pleased with their progress, according to their first quarter results. Bingo.com lost $243,974 in the first quarter of 2009, 37 per cent less than the $390,282 they lost in the fourth quarter of 2008. Chief executive Tarrnie Williams described it as a “very pleasing first quarter”. First [...]
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Cashcade sale in “advanced stage”
Posted by Debbie Archer on 29 April 2009
Independent News and Media are in an “advanced stage” of talks to sell their stake in online bingo operator Cashcade, according to a report in The Guardian. Cashcade owns Foxy Bingo, Think Bingo, Think Bingo Cosy and Cheeky Bingo and also run Mirror Bingo on behalf of publishing giant Trinity Mirror. INM will publish results [...]
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Top Ten Bingo in deep trouble
Posted by Debbie Archer on 23 April 2009
Top Ten Bingo has outlined plans to delist from the AIM market of the London Stock Exchange as part of a restructuring to ensure its financial future. Top Ten Holdings plc said the company “continued to be in breach of its banking covenants and, given its level of bank borrowings and the current economic environment, it is unlikely to [...]
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Mecca Bingo trading steady in first 16 weeks of 2009
Posted by Debbie Archer on 23 April 2009
Mecca Bingo’s parent company Rank Group put out an emergency trading statement following yesterday’s Budget announcements about the change in the tax regime for bingo operators. They said revenues for Mecca Bingo had stayed exactly the same on a like-for-like basis for the first 16 weeks of 2009 to 19 April. The company said: “In [...]
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Budget blow for bingo clubs – Gala and Mecca hit hard
Posted by Debbie Archer on 23 April 2009
The bingo industry’s campaign to abolish VAT on bingo ticket sales was succesful yesterday – only for Chancellor Alistair Darling to increase taxes on bingo and gaming machines. VAT on bingo will be abolished but Gross Profits Tax (GPT) will increase from 15% to 22% and machine duty will rise 9% from £2,030 to £2,215 [...]
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Party Bingo parent company settles with DoJ
Posted by Debbie Archer on 9 April 2009
Party Gaming, the parent company of Party Bingo, has reached a settlement with the American authorities over their ‘illegal’ gambling in the United States. Party Gaming agreed to pay $105 million in penalties over three years as part of a non-prosecution agreement. Lev L. Dassin, acting U.S. attorney for the Southern District of New York, [...]
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Parlay royalty revenues drop sharply
Posted by Debbie Archer on 6 April 2009
Parlay Entertainment’s exit from the United States online bingo market meant a sharp drop in revenues for the company but management claim they are in good shape for the future. Like-for-like royalty revenues for the fourth quarter 2008 fell 53% to $871,661, dragging total fourth quarter revenues down by 38% to $1,241,621. Chief executive Scott [...]
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888 Ladies bingo reports sharp growth
Posted by Debbie Archer on 31 March 2009
888 Ladies said it was enjoying strong growth in its bingo business but did not release detailed numbers about the site’s performance. They said they would however be launching a global bingo network in the coming months with the hoping of replicating their success in the UK in other territories. Parent company 888.com lumps bingo [...]
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Mecca Bingo boss doubles stake in business
Posted by Debbie Archer on 4 March 2009
The chief executive of Mecca Bingo has doubled his stake in the business by buying almost £50,000 of shares. Ian Burke bought 85,000 shares at 59.75p and now has around 160,500 shares in Rank Group, which owns Mecca bingo halls and Grosvenor Casinos. Rank Group recently reported results for 2008 and Mr Burke said that [...]
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Paddy Power see bingo as growth area
Posted by Debbie Archer on 2 March 2009
Irish betting operator Paddy Power say they see bingo as a potential growth area for their business. Chief executive Patrick Kennedy, who was delivering the company’s 2008 final results, said: “There remain many opportunities which we intend to progress over the next number of years in the UK, Ireland and further afield. Many of these will have the UK as [...]
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Buckingham Bingo closes Preston bingo hall
Posted by Debbie Archer on 26 February 2009
A Preston bingo hall that was built for £4.1 million just two years ago is to close because it is loss making. The Buckingham Bingo hall in New Hall Lane, Preston will be closed at the end of March. Staff were told ina meeting yesterday that all 27 employees will lose their jobs, The purpose [...]
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Mecca Bingo profits plunge sharply
Posted by Debbie Archer on 26 February 2009
Mecca Bingo’s profits fell 25.5% in 2008 and revenues dropped 10.8% on a year-on-year basis. The final results were flattered by a successful VAT claim which when included in the results reduced the year end performance to a 4.1% drop in profits and a 5.4% decline in revenue. But without the benefit of the one-off [...]
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Online bingo revenues grow for Ladbrokes
Posted by Debbie Archer on 19 February 2009
Ladbrokes plc, the parent company of Ladbrokes Bingo, this morning reported strong results for 2008. Revenues declined to £250.2 million from £345.2 million in 2007 but were still £35 million ahead of what City analysts had expected. Online sign ups for all Ladbrokes products grew 21.5% with 373,00 new players signing up in 2008 and [...]
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Buckingham Bingo records £88.7 million loss
Posted by Debbie Archer on 11 February 2009
UK bingo hall operator Buckingham Bingo has warned that it may not be able to survive as a “going concern” following a £88.7 million full year loss. Buckingham Bingo has 12 clubs in the UK and is mainly owned by Barclays, following private equity group Alchemy Partners’ decision to walk away from their investment in [...]
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Rank Group stabilises Mecca Bingo
Posted by Debbie Archer on 18 December 2008
Trading at Mecca Bingo halls has stablised in the last 15 weeks with a 5% decrease in admissions offset by a 5% increase in expenditure by those at Rank’s bingo halls. But a trading statement issued by Rank Group this morning shows the full effect of the smoking ban and change in laws on jackpot [...]
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Mecca Bingo gets new boss
Posted by Debbie Archer on 4 December 2008
The online division of Rank, which runs MeccaBingo.com, has a new boss. Mark Jones was appointed chief executive of Blue Square, which runs all the online business of Rank, parent company of the Mecca Bingo Halls business. He starts with immediate effect and will join the board of Rank Group. Jones has previously worked as [...]
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Gala boss to leave by Christmas
Posted by Debbie Archer on 24 November 2008
John Kelly, chairman of the Gala Coral group, which owns Gala Bingo, is to stand down later this month, 10 months earlier than expected. Kelly has been at Gala Coral since 1997 when he led the management buyout of the company from Bass. Industry insiders estimate he made at least £20 million over the past [...]
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Party Bingo rapid growth
Posted by Debbie Archer on 19 November 2008
Party Gaming, the parent company of Party Bingo and ITV Bingo, announced strong growth in their bingo product against an overall disappointing performance from their main product. Third quarter results showed bingo revenue rose 143% to $1.7m, up from $0.7m in 2007. New player sign-ups were up by 486%, primarily driven by ITV Bingo, their [...]
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Bingo.com results
Posted by Debbie Archer on 15 November 2008
Bingo.com made a loss of $268,774 (£180,944) in the three months to the end of September, taking their total losses for the last six months to more than half a million dollars. Bingo.com is in the process of rolling out sites across Europe and have recently launched a Spanish site, es.bingo.com. Revenues for the third [...]
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