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Bingocom suffer fall in revenue

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Bingo.com Ltd have announced their financial results for the first quarter of 2010.

The online gambling company saw total revenue decrease to $1,254,792. ThatÂ's 5% down on the same period last year and 19% down on the last quarter of 2009.

Net loss for the period was $344,806 which equates to 0.01p a share. This was an increase compared to both the first and last quarters of 2009.

Chief executive Tarrnie Williams feels that despite the losses the future outlook is still positive, thanks in no small part to a new partnership agreement with Unibet. Unibet have paid $2,250,000 for 25.9% of Bingo.com.

Â"Bingo.com was in a period of transition during the first quarter of 2010," said Williams. Â"Early in the quarter, Bingo.com changed to a new software system. While the transition to the system was smooth, the results were not positive enough to warrant a significant marketing investment in the competitive UK market.

Â"As we recognised a change in strategy was necessary, we began talks regarding a partnership with Unibet. During the quarter we signed on to the Unibet partner programme. However, the technology required development and we were not able to go live until just this week, almost half way through the second quarter.Â"

Williams went on to highlight the fact that traffic to the site was still strong and that the company were now embracing a more international market as a result of the Unibet deal.

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