Tarrnie Williams, CEO of Bingo.com said of the recent results, “”The third quarter of 2010 was one of transition for Bingo.com. The first phase of our revised business plan is now underway. Our costs have declined, our net loss has been reduced, and the purchase of the remaining 4% domain name payments for the Bingo.com URL has been completed. The second phase of our plan has also begun as we are preparing a new Bingo.com marketing campaign and working with Unibet to perfect the online bingo offering. The third and final phase of our plan will start in the first quarter of 2011 when we launch our media plan in markets targeted to provide Bingo.com with the best return on investment and the highest likelihood of helping the Company return to profitability.”

Total revenue for Bingo.com in the thirs quarter of 2010 was down 93 per cent on the same period last year and totalled just $97,500, compared to $1.44 million. This revenue was also a fall of 72 per cent compared to 2010 second quarter revenues, which totalled $353,000.

Bingo.com has struggled to keep players on its site as they had to migrate from the old software to the Unibet system during the quarter ending June 30th 2010.

Sales and marketing expenses have fallen sharply by nearly 91 per cent to $39,900 in the third quarter 2010, compared to $427,000 of marketing spending in the same period in 2009.

“The decrease in marketing expenses for the quarter ended September 30, 2010, compared to the third quarter of 2009, is primarily due to migration to the Unibet partner program where significantly lower marketing bonus are granted to players”,  stated the company.

Unibet acquired a total stake of 25.9 per cent in Bingo.com in May 2010. Bingo.com also announced that it has reduced general and administrative costs as well as making the remaining four per cent domain name payments for the Bingo.com URL.

It turns out Bingo.com, which is listed on the Toronto Stock Exchange, has been operating for more than a decade without actually owning the domain it is named after. Instead Bingo.com has been listing the domain name from Bingo, Inc in return for a payment equal to 4 per cent of gross profits since January 18, 1999. Indeed, if they had not ended that arrangement then Bingo.com would have had to pay 4 per cent of gross profits to Bingo, Inc.

Bingo.com employed Evans & Evans Inc, a boutique Canadian investment bank, to value the domain and they came back with a price of between $1.4 and $1.6 million.The two parties have now agreed a sale price of $900,000 for the domain, to be paid in newly issued bingo.com stock.

Bingo.com chief executive Tarnie Williams said: “The successful acquisition of the remaining Domain Name payments owing to Bingo, Inc., at a substantial discount to the independent valuation, is another step in simplifying the operations of Bingo.com and a further strengthening our Balance Sheet.”

It certainly looks like Bingo.com has got a good valuation on the domain. One leading UK bingo player told Bingo News: “I’d have paid substantially more than that to buy bingo.com. It’s the very best domain out there and with the US market possibly opening up I’d have killed for it. Slots.com went for $5.5 million less than three months ago so it’s hard to see how Evans & Evans came up with their number.”

Bingo News predicted that the third party arrangement for the domain name would create problems for the company in May 2010 when Unibet bought a 25.9 per cent stake in Bingo.com for US$2.5 million. At the time Petter Nylander, chief executive of Unibet, said: “Investing in Bingo.com, one of the strongest bingo brand names in the industry, is exciting for us. We believe in the power of the Bingo.com URL”.

The purchase follows the decision in March to join Unibet’s bingo network, shortly after Bingo.com had announced it was switching software providers from Parlay Entertainment to Cozy Games.

Tarrnie Williams, chief executive of Bingo.com, said: “Bingo.com is pleased to have secured a private placement from Unibet. With one of the World’s leading gaming operators as both an investor and operational partner, Bingo.com will now have the resources to support its brand in a number of emerging online bingo markets. We very much look forward to taking on a leading role in the expansion of online bingo worldwide.”

Petter Nylander, chief executive of Unibet, said: “Investing in Bingo.com, one of the strongest bingo brand names in the industry, is exciting for us. We believe in the power of the Bingo.com URL and believe that Bingo.com will be a leader in online bingo for years to come. We look forward to growing our businesses together in existing and new markets.”

One rival bingo operator said: “It’s a very interesting deal, not least because it was widely thought that Bingo.com does not actually own its domain name but in fact leases it from a third party. It would be fascinating to see if Unibet has now made certain that the url is actually owned by the corporation because without that the company is worth sharply less than you might otherwise think.”

Unibet already owns one of the strongest bingo operators in Scandinavia, Maria Bingo, and it will be interesting to see how Bingo.com is positioned by the company post Unibet’s investment. Maria Bingo was bought in December 2007. Unibet has been on a trail of acquisitions, including Travnet, a Scandinavian trotting community, in April 2008.

Bingo player numbers increased on the site in 2009 and it is expected, with Bingo.com’s new partnership with Unibet that player numbers will continue to rise and profits will start to come.

Bingo.com figures showed that total gaming revenue for the year ending December 31st 2009 was $5.63million, a five per cent increase on the 2008 figures of $5.37million.

Compare these encouraging figures to the three per cent increase in loss after tax from $1.15million in 2008 to $1.18million in 2009 and it is clear that there have been some problems for the online bingo site.

Bingo.com Ltd. Chief Executive Officer, Tarrnie Williams tried to explain the results, he said “Last year saw strong player traffic and gaming activity on Bingo.com, however, we continued to be negatively affected by currency fluctuations, particularly the fall in value of the United Kingdom Pound Sterling relative to the United States Dollar.”

He added, “The cost of operating a full service gaming operation is significant and, to combat this, we have chosen a new strategic direction by partnering with Unibet. This change in strategy will allow Bingo.com to significantly reduce its costs while simultaneously increasing the reach of its product offering through the introduction of multi-currency and multi-language features. We have found that providing bingo in our players’ language and currency increases depositing and play. The Bingo.com URL continues to draw high levels of traffic from many countries around the world and, with the growth of online bingo, we believe we are now well-positioned to become profitable.”

Click Here to read the whole review.

“Bingo.com has had a bit of a change around and have moved from Chartwell to Cozy Games software, although in essence not much has changed with new players still getting £15 totally free for signing up. One addition though is that they have put the second deposit bonus up from 101% to 250%. Bingo.com was once aimed at the US Bingo market but is now aimed at Europe.”

The site, which only finished 18th in the awards in 2008, beat off Mecca Bingo, who finished second, and Wink Bingo in third place. Tombola Bingo finished fourth and Bingo Playground finished fifth. What was most suprising was to see Crown Bingo finish 12th and Foxy Bingo finish 17th, suggesting that the company’s management teams did not put the same effort into a high finish as in previous years. Gala Bingo’s 21st place was also suprisingly low for a site that until three years ago was the dominant presence in UK online bingo. The total absensce of William Hill Bingo and Paddy Power Bingo, both of whom have huge bingo sites, is also somewhat suprising.

In the New Bingo Site of the Year award Golden Hat Bingo saw off Giggle Bingo and Landmark Bingo. Cheeky Bingo and Costa Bingo were third and fourth respectively.

Ruairi Boyle, Head of Games & Bingo at Ladbrokes Bingo welcomed the award, saying: “It’s the most prestigious Award in online Bingo and we’re thrilled to win it. We want to share this success with all our roomies who voted for us and helped us to the top of the Bingo pile. We’re already looking to 2010 to retain our title. New players, exciting innovations for existing roomies and more promotions, games and jackpots than anyone else are all in our sights. But right now we’re in the mood to party and 31 January will be a great day for everyone in Bingo.” Ladbrokes Bingo will offer free bingo to all their players on 31 January.

The top 30 finishers in the UK award were:

1 Ladbrokes Bingo
2 Mecca Bingo
3 Wink Bingo
4 Tombola Bingo
5 Bingo Playground
6 Golden Hat Bingo
7 Giggle Bingo
8 Betfred Bingo
9 Posh Bingo
10 Gone Bingo
11 Totesport Bingo
12 Crown Bingo
13 Harry’s Bingo
14 Jackpot Joy
15 CyberBingo.co.uk
16 Landmark Bingo
17 Foxy Bingo
18 House of Bingo
19 Costa Bingo
20 BingoSKY
21 Gala Bingo Online
22 FreeBingo.co.uk
23 Play2Win Bingo
24 Cheeky Bingo
25 888ladies
26 Bingo MagiX
27 Bingos.co.uk
28 BingoLiner UK
29 Platinum Play Bingo
30 Snap Bingo

New Bingo Site of the Year 2010
1 Golden Hat Bingo
2 Giggle Bingo
3 Landmark Bingo
4 Cheeky Bingo
5 Costa Bingo
6 Betfred Bingo
7 Moon Bingo
8 Eat Sleep Bingo
9 JackpotCity Bingo
10 Foxy Zero
11 Totesport Bingo
12 BOGOF Bingo
13 Play2Win Bingo
14 Tea Time Bingo
15 Epic Bingo
16 Kiss My Bingo
17 LiveBingo.co.uk
18 OK! Mag Bingo
19 Bloke Bingo
20 Eyes Down Bingo
21 Bingo Nation
22 3am Bingo
23 BingoG

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 more sophisticated and the recession had hit player values. “The effects of the economic downturn were evident in our third quarter results,” he said. “Online bingo players have become quite sophisticated and, with an increase in the number of similar product offerings, individual player values have contracted. In anticipation of this fact, we invested significant resources during the third quarter into a differentiated product that will soon be ready for release.

“The fourth quarter has started well and, when our new offering is live, we expect the business to be well positioned to return to growth and profitability.” Investors in the company may question how likely this is to happen, given that the company has reported a succession of quarterly losses for more than two years.

The company’s general and administrative costs for the three month period were $420,647, which seems remarkably high as that does not cover any player recruitment or marketing. The costs include salaries, premises costs for our office, legal and professional fees, and other general corporate and office expenses.

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 was a challenge for Bingo.com. While our traffic and revenues continue to increase, the competition in the United Kingdom online bingo market is intense and has resulted in a reduction of individual player values.

“Our costs have increased due to our Maltese gaming license, affiliate marketing costs, and our continued investment into search engine optimization. We recognize that to capture a higher percentage of the online bingo market share and reach profitability we need to offer our players a unique gaming experience. As we put cost saving measures in place and continue to focus on improving the Bingo.com system, we believe we will achieve profitability in the coming quarters.”

Bingo.com managed second quarter gaming revenues of £957,040 up 41% on the same quarter last year and 7% on the first quarter of 2009.

Bingo.com’s inability to generate a profit, even with the best bingo domain name in the market, is a surprise to many observers in the bingo industry. Several leading rival companies have made informal offers to acquire the domain name from the owner but so far have not had any luck.

In an article posted on the Bingo.com website, titled “Bingo at school!”, the website says:

“Bingo strengthens their memory, helps them [children] focus, and allows them to learn how to work and cooperate together. If they create their own bingo cards they will be using there own creativity. Your kids will find that time passes by so fast when they play bingo that they will spend hours and hours studying without even realizing it and you will have more time to enjoy your own bingo game too!”.

The article seems to have been written with the purpose of improving the site’s Search Engine Optimisation but it appears to breach regulations on the promotion of online gambling to minors. It shows a teacher in front of a blackboard to illustrate the article.

The Malta Lottery and Gaming Authority’s website states that: “Where possible the LGA ensures adequate protection for minors and vulnerable persons”. Bingo.com is licensed by the LGA under license numbers LGA/CL1/406/2009 and LGA/CL3/406/2007.

One bingo rival with a Malta licence said: “I think they must be completely mad to publish this sort of content on their site. The one thing you don’t do if you are an online bingo operator is to try and encourage children to become customers or get involved before they are 18. This is the sort of thing that licensing authorities get very upset about.”

The full text of the Bingo at School article says:”The most entertaining teacher is here to help your kids with their school work.

Can you imagine if your son was excited about learning math? Wanting to improve his orthography? Is he suddenly very interested in studying history and geography? In other words, is he excited to learn new stuff and at the same time having fun? Good news! He is able to achieve all this by playing bingo!

We all know that bingo is tons of fun and that there is nothing more exciting than winning a bingo game. That’s why bingo is a great ally for our kid’s education.

Bingo has been used as a educational instrument since the year 1800 in Germany, where bingo’s ability to successfully teach was first recognized and used to instruct young children and teenagers in a creative, fun and easy way. As time passed this practice has spread worldwide. Teachers use bingo in primary schools and high schools to help teach children those complicated school subjects like math, history and orthography with excellent results.

Aside from being a fun game to play, there are other reasons this game is great for helping our kids with there studies; bingo strengthens their memory, helps them focus, and allows them to learn how to work and cooperate together. If they create their own bingo cards they will be using there own creativity. Your kids will find that time passes by so fast when they play bingo that they will spend hours and hours studying without even realizing it and you will have more time to enjoy your own bingo game too!”

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 quarter gaming revenue were £894,738, up 40% year-on-year and 9 per cent on the previous quarter.

“We’ve had a very pleasing first quarter of 2009,” said Mr Williams. “We are now operating from Malta and, therefore are now permitted to advertise our gaming products in the United Kingdom. In addition, the latest version of the Bingo.com website is our most popular yet, and has helped Bingo.com to reach the highest player acquisition levels we’ve ever recorded. We continue to focus on launching our products into new markets as well as expanding the features and games available to play on Bingo.com. We believe that as we add new features, new languages, and new currencies, and the international currency markets become more settled, that our revenues will increase and profitability will be achieved.”

During the quarter the company raised an additional $525,000 through private placements.

The company also said it was setting aside a special float fund to pay for progressive jackpots. $251,404 was set aside on March 31, 2009 to pay for these jackpots.

One million shares have been bought by Praetorian Offshore Ltd, who now own 18.95% of Bingo.com while the remaining 500,000 shares were bought by a private investor whose name was not revealed by the company.

Tarrnie Williams, CEO of Bingo.com, said “The funds from this private placement will be used to finance marketing initiatives in the United Kingdom, support expansion into new markets and act as a hedge against the rapidly changing currency markets we operate in. Bingo.com is currently live in English and Spanish and we plan to launch at least two new languages and two new currencies in 2009. These developments, combined with our increased visibility in the United Kingdom, will enable Bingo.com to attract and retain bingo and slots players from around the world.”

Bingo.com has now raised $750,000 via private placement since February 2009and issued 5,000,000 new shares, meaning there are 41,405,203 shares outstanding.

Under UK laws only companies operating from a ‘white listed’ territory – anywhere in the UK or Gibraltar, Alderney, Isle of Man or Antigua – can advertise an online gambling website within the UK.

“Launching Bingo.com from Malta is a significant step forward for our organization”, said Tarrnie Williams, the Company’s CEO. “We are now free to begin marketing in the United Kingdom and are able to expand the reach of our affiliate program to new and popular websites.”

The company said it was also about to launch its own affiliate program through Income Access, who specialises in online gambling affiliate deals. “We chose Income Access to manage our affiliate program because they have extensive experience in the gaming sector and provide fantastic affiliate software. Bingo.com is well positioned to grow its business in the UK through its extensive affiliate network,” said Mr Williams.

UKash take cash payments at over 275,000 outlets worldwide and players can then state where they would like their money to be uploaded to fund their online accounts.

UKash’s list of bingo sites suggests they have signed deals with St Minver, Virtue Fusion and Party Gaming.

Online bingo sites that accept UKash deposits:

Gone Bingo

Crown Bingo

Astro Bingo

JackpotCityBingo

Bingo Palace

Cyberbingo

Bingos.com

Bingozest

Baraka Bingo

Bucky Bingo

Take a Break Bingo

Bingo Day

Bingo Liner

Bingo Mania

Blackpool Bingo

Daily Express Bingo

Desperate Wives Bingo

Digital Bingo

Elgranbingo

Emmerdale Bingo

Ibingo

ITV Bingo

Magic FM Bingo

Mecca Bingo

Party Bingo

Purely Bingo

Rehabbingo

Ruby Bingo

BingoJoy

Bingo Loopy

Bingonanza

Butlins Bingo

Carlton Bingo

ChitChatBingo

Littlewoods Bingo

Yahoo Bingo

Winbonanza

321 Bingo

Capitol Bingo

Castle Bingo

Cheggers Bingo

Crazy Bingo

3.5 million common shares were issues at 15 cents each; Bingo.com said the shares had been placed with non US residents. The funding comes shortly after Bingo.com announced they had lost almost $100,000 per month during 2008.

Chief executive Tarnie Williams said: “We are pleased to have completed this financing during these turbulent times, and believe these funds will help aleviate the currency risks recently encountered, as we move towards profitability. The proceeds from the offering will primarily be used to fund our expansion beyond the United Kingdom market as we launch our gaming system in several languages and allow players to deposit in various different major currencies. We expect these initiatives will enable Bingo.com to grow more rapidly and expand its market share.”

Bingo.com now has 39,700,203 common shares outstanding and is valued post-investment at just under $6 million.

Fourth quarter results published today showed that in 2008 Bingo.com lost $1,164,801 in 2008, or just under $100,000 per month. That loss was a 19% improvement on 2007, when Bingo.com lost $1,432,343.

Fourth quarter gaming revenues were £819,953 Pounds Sterling, an increase of 60% from gaming revenue of £510,171 in the fourth quarter of 2007 and an increase of 5% from gaming revenue of £781,948 in the third quarter of 2008. The company said the increase was down to more players using the Bingo.com website.

The advertising revenue for the fourth quarter, was $41,465, a decrease from advertising revenue of $90,585 in the fourth quarter of 2007 and a decrease of 42% from advertising revenue of $72,088 in the third quarter of 2008. Bingo.com is understood to derive affiliate revenue from US customers who they will not take bingo action from but do send them on to other sites. Bingo News understands that the key affiliate sites that Bingo.com worked with had considerable payment processing issues during 2008.

Tarnie Williams, Bingo.com’s chief executive, said: “The fourth quarter of 2008 was another strong quarter of growth for Bingo.com as we saw increased gaming revenues across all our products. However, like many international companies, we have been negatively affected by the dramatic volatility of the currency market, particularly the fall of the United Kingdom Pound Sterling and the strengthening of the United States Dollar in relation to other world currencies.”

“To help alleviate our future exposure to currency risk and to aid our expansion into new markets, we will shortly be implementing a multi-currency product feature to our gaming software that will allow for simultaneous gaming activity in Pounds Sterling, United States Dollars, Euros and other currencies we choose to offer. We continue to follow our business plan which has been successful to date at securing significant numbers of bingo and slots players in the United Kingdom. In addition, through leveraging our recently acquired Maltese gaming license, we are creating a number of additional language and market-specific initiatives in anticipation of launching in several new markets in 2009. The strength of our URL http://www.bingo.com continues to provide the Company with new players at low acquisition costs compared to the competition and we have increased our player base consistently each month. While there are many hurdles yet to overcome we are confident that our offering will continue at a steady rate of growth and that Bingo.com will be a major player in this highly competitive market.”

Bingo.com is expected to start advertising on UK television shortly, following their acquisition of a Malta licence, which allows them to advertise in the UK under EU laws.

Shares in Bingo.com, which trade on the highly iliquid OTC market in the United States, stand at 14 cents, valuing the company at just over $5 million. The shares hit a trading low of 4 cents in January 2008 but have recovered since then.

Bingo.com Operations Ltd, a subsidiary of Bingo.com, will start operating “in the next few weeks” the company said. The licence will allow Bingo.com to legally advertise in the UK under the ‘white listed territory’ legislation introduced by the British government.

“We are very pleased to have received an LOI from the Malta Lotteries and Gaming Authority,” said Tarrnie Williams, Bingo.com’s CEO. “Online bingo is booming in the United Kingdom and we are excited to have the opportunity to strengthen our position as one of the premiere online bingo destinations for European players. Bingo.com will now have a full breadth of marketing opportunities available from which to promote our brand and attract new visitors to our gaming and entertainment system. While we continue to develop support for different currencies and different languages around the world, the UK is a critical market for our success.”

Malta is an increasingly popular territory for operators seeking a licence for the European gambling market. Licences are currently taking from six to nine months for the LGA to process as they have a backlog of applicants and insufficient staff to handle the quantity of licence applications

We will endeavour to keep an up-to-date monthly tally of the top search terms and the estimated number of searches on Google for each month.

The figures are particularly interesting in showing the dominance of those searching for Gala Bingo and Foxy Bingo, who are both in the top five search terms. Foxy’s parent company Cashcade also owns Think Bingo and Bingo Scotland, both of which come high on the list of popular Google search terms. The phrase bingo.com is also high up, which is surprising given the recent published financial results of bingo.com’s parent company.

We would note that these figures are purely estimates and may not reflect the real level of searches for bingo related terms.

Most popular Google keyword search terms for bingo in December 2008 (all terms with more than 1000 searches):

In the new site of the year award Bingo Playground took top spot, followed by Tombola Bingo and Wink Bingo.

The votes were something of a surprise as Platinum Play Bingo was a new site in 2008 and they must have worked very hard to get all their players and friends voting for them. By contrast Jackpot Joy is a huge site and has thousands of players every day. Crown Bingo, who finished third last year as well, continues to build on its reputation as being the friendliest online bingo site in the UK.

Top 98 bingo sites in the UK, according to Which Bingo:

1 Jackpot Joy
2 Platinum Play Bingo
3 Crown Bingo
4 Bingo Liner (UK)
5 Sun Bingo
6 Tombola Bingo
7 Bingo Playground
8 House Of Bingo
9 Gone Bingo UK
10 Foxy Bingo
11 Bingo MagiX
12 Free Bingo.co.uk
13 Rehab Bingo
14 Wink Bingo
15 Gala Bingo
16 Harry’s Bingo
17 All Bingo Club
18 Ladbrokes Bingo
19 Mecca Bingo
20 888Ladies
21 King Jackpot UK
22 Bingo.com
23 BingoSKY.co.uk
24 Paddy Power Bingo
25 Game Village
26 Think Bingo
27 Blackpool Club Bingo
28 Cyber Bingo
29 Bingo Cafe
30 Wow Bingo
31 Daily Express Bingo
32 Butlins Bingo
33 Bet365 Bingo
34 32Red Bingo
35 Betfred Bingo
36 Mirror Bingo
37 Bingo Zest
38 King.com
39 Jackpot City Bingo
40 Bingo Palace
41 Carlton Bingo
42 Bingo Scotland
43 Virgin Bingo
44 Sky Bingo
45 Best Bingo
46 Blackpool Bingo
47 321Bingo
48 Chit Chat Bingo
49 Moon Bingo
50 Think Bingo Cosy
51 Bingo Joy
52 William Hill Bingo
53 Daily Record Bingo
54 Dream Bingo
55 Astro Bingo UK
56 Bucky Bingo
57 Bingo Wags
58 Betsson
59 Love Bingo
60 Desperate Housewives Bingo
61 Bingo On The Box
62 Simply Bingo
63 ITV Bingo
64 Bingo Britain
65 We Luv Bingo
66 Bingos UK
67 Love it! Bingo
68 Winzingo
69 Kingsway Bingo
70 The Palaces Bingo
71 Yahoo Bingo
72 STV Bingo
73 BingoBallroom
74 UK-Bingo.net
75 Premier Bingo
76 Riva Bingo
77 BingoRooms
78 Loquax Bingo
79 Bingolore
80 BingoFriends
81 Jackpot Bingo
82 Bingo Jetset
83 Kiss My Bingo
84 News of the World Bingo
85 Yours Bingo
86 Fruit Bingo
87 BingoDay UK
88 BingoFun
89 Party Bingo
90 Riverbelle Bingo
91 BingoMania UK
92 Palace Bingo
93 abcBingo
94 Take A Break Bingo
95 BellaBingo
96 Bingo Chest
97 Closer Bingo
98 Purely Bingo

Which Bingo UK Site of the Year website

They have also just launched a new slots game at Bingo.com: Puppy Paws. Not only does this incorporate the dog-theme that has proven to be popular with their players, but it is also their first slots game with chat!

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 quarter totalled $1,560,087 (£1.05 million), up 10% on the previous month and 58% on the same period in 2007.

Bingo.com’s chief executive, Tarrnie Williams, said: “The third quarter of 2008 continues to show improvement for Bingo.com. During the quarter we increased our revenues, primarily from our gaming operations in the United Kingdom, launched our first non-English version of Bingo.com, and made important steps to acquiring our European Union gaming license.

“The increase in net loss is primarily due to unrealized Foreign exchange losses due to the turbulent foreign exchange markets and our reporting in United States dollars. We are confident of securing our EU gaming license in the fourth quarter of 2008, which will enable us, and our affiliate marketing partners, to market our products through a much wider range of channels. We remain focused on executing our strategy and believe we will be capable of returning Bingo.com to profitability.”

Bingo.com reported they had cash of $748,344 and working capital of $464,020 at September 30 and that costs for the third quarter were $840,239, which has risen because of increased player bonuses. They currently offer a free £5 bonus to new players on their UK facing site.

Bingo.com is operated under a Curacao gaming licence, which means they are not permitted to advertise in the UK. The site had slipped from No 1 on the natural search Google rankings for the term ‘bingo’ but has recently returned to the top spot and retains its page rank of five.

A gaming analyst told Bingo News last night: “It is always suprising how badly bingo.com performs as they should be dominating the online bingo market. They took a long time to move out of the US and re-establish themselves as a UK facing site.  The fact they are not yet in a white listed territory is pretty shocking and must be costing them a fortune in lost potential revenues. What we don’t know is how much Google taking gambling advertising will reduce the effectiveness of their strong performance on natural search. It is unlikely to be helping them though.”