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BINGO.COM ON A SLIPPERY SLOPE
17th November, 2010 at 03:44:12
But marketing could save the day
Operating on a domain name like bingo.com should almost ensure success in the bingo sector, but the experience of the operator of this domain in recent times has been less than impressive.
According to its third quarter results just released, Bingo.com Ltd sustained a 93% decline year-on-year in net revenues to $97,509. In August, the firm revealed a 76% year-on-year decline in net revenues to $368,932 for its second quarter and stated last week that the firm's most recent results represented a 72% quarter-on-quarter decrease in overall earnings.
The company showed a net loss of $245,507 for the third quarter of 2010 (Q3/2009: $390,432) and net gaming revenues for the third quarter of $82,745, which it stated was a 94% year-on-year decrease from just over $1.38 million for the same period in 2009 and a drop of 75% from the previous three-month period where it reported $333,115.
Management reports that it has instituted cost saving measures and is hopeful that a marketing drive will restore its fortunes.
On the positive side the company has completed the purchase of its bingo.com domain.
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