Online Casino Transfer: News - Unibet Down for First Quarter

05/29/2010		Online Casino Style: News Unibet Down for First Quarter
Home History Games News Dictionary		The go-to website for online bingo came out with their first quarter report this week, surprising many in the internet gambling community with a loss of 13 percent for the overall revenues. Tarnie Williams gave the results for the first three month of the year, no doubt disappointing the Bingo.com investors with the divulgence of a drop for the period, down to £773,974, a loss of 13 percent from the same period for 2009, and a 17 percent decline for the last quarter to 2009. The first and obvious question presented by the affected owners was related to the cause in the loss, attributed primarily to a switch in the software. Although the change was completed with as little effect as possible on players, the move to the Unibet network was delayed unexpectedly because of technical limitations, and the program wasn’t able to go live until very recently. The hiccup is really quite present in the first quarter results, which also reported a net loss of £344,806 for the same period. There were plenty of changes in the Bingo.com world of online gambling during this first half of the year, as they also sold 25.9 percent of their overall equity to fellow internet gambling firm Unibet, now a partner and network operator. The price tag for that agreement came to an impressive $2,250,000, though apparently still not enough cash to have kept Bingo.com afloat for the quarter end report. The latter parts of the year should be much stronger, the management team predicted, as they are now a full member of the Unibet roster for both software and network services. "As we recognized a change in strategy was necessary, we began talks regarding a partnership with Unibet,” reported Williams on the changes early in 2010. “Now that our desired business strategy is in place, we believe it is only a matter of time before profitability will be achieved. The Company’s revenues are primarily received in Pounds Sterling whereas the majority of its fixed expenses are in both Canadian and United States Dollars. The large swings in the exchange rates of these currencies have negatively affected our operations."

05/29/2010

Online Casino Style: News
Unibet Down for First Quarter

The go-to website for online bingo came out with their first quarter report this week, surprising many in the internet gambling community with a loss of 13 percent for the overall revenues. Tarnie Williams gave the results for the first three month of the year, no doubt disappointing the Bingo.com investors with the divulgence of a drop for the period, down to £773,974, a loss of 13 percent from the same period for 2009, and a 17 percent decline for the last quarter to 2009.

The first and obvious question presented by the affected owners was related to the cause in the loss, attributed primarily to a switch in the software. Although the change was completed with as little effect as possible on players, the move to the Unibet network was delayed unexpectedly because of technical limitations, and the program wasn’t able to go live until very recently. The hiccup is really quite present in the first quarter results, which also reported a net loss of £344,806 for the same period.

There were plenty of changes in the Bingo.com world of online gambling during this first half of the year, as they also sold 25.9 percent of their overall equity to fellow internet gambling firm Unibet, now a partner and network operator. The price tag for that agreement came to an impressive $2,250,000, though apparently still not enough cash to have kept Bingo.com afloat for the quarter end report. The latter parts of the year should be much stronger, the management team predicted, as they are now a full member of the Unibet roster for both software and network services.

"As we recognized a change in strategy was necessary, we began talks regarding a partnership with Unibet,” reported Williams on the changes early in 2010. “Now that our desired business strategy is in place, we believe it is only a matter of time before profitability will be achieved. The Company’s revenues are primarily received in Pounds Sterling whereas the majority of its fixed expenses are in both Canadian and United States Dollars. The large swings in the exchange rates of these currencies have negatively affected our operations."