Bingo.com announced its Third Quarter financial results and says that it is very pleased with the figures. They experienced a 290% increase in their gaming revenue over the previous quarter.
The company also experienced a cost of revenue increase of 181% over the previous quarter due to the tremendous growth in its customer base since it began operations in the United Kingdom in April 2007.
The cost of revenue category includes bingo bonus paid to customers. Since they have more customers, they have more bonuses to pay. The online bingo operator had higher costs in most categories because of their growth since entering the UK bingo market. In spite of their growth, the company is still reporting a loss but the per share loss is half of what it used to be. The parent company is listed on the NASDAQ stock exchange in the United States.
Bingo.com is billed as the world’s largest online bingo hall. More than 1.8 million players enjoy playing bingo and other gambling games on their sites. One of the factors contributing to their third quarter growth is the addition of a new bingo game called Speed Bingo 80 Ball Bingo. The Netherlands Antilles licensed company hopes their growth continues so they can become profitable.