Bingo.com: Blames currency fluctuations and casino products for Q2 losses

Relief for investors of Bingo.com, who recently celebrated a year-on-year rise of 64 percent in the revenues at one of the most unsuccessful operators, founded themselves in a hole again.

Their happiness of seeing the company generate revenue in Q1 quickly turned into sorrow, as the Q2 results of 2012 was disastrous for the online casino. The revenues of Q2 fell by 4 percent on a year-on-year basis to USD 347,743.

Jason Williams, the chief executive officer of the Bingo.com, blamed the underperformance of the casinos for this situation. He even felt that the constant fluctuations in the currency might have contributed to the slide seen by the organization.

He said, “Our strategy for the second quarter was that we were looking for reducing the costs in marketing. We wanted to focus mainly on the retention and development of our casino, which was successful.”

He continued saying, “Even though we have achieved our primary objective of improving the amount invested in operations, there has been lower gross margins in most of our casino products during the latter part of the quarter. At the same time, there has been a negative impact due to the fluctuations in currency. Both of these together have contributed to an overall loss in the quarter for us.”

Williams, at this moment, is hopeful that the company, owned partly by Unibet Group, is going to manage an overall net profit before the year-end. He revealed that the situations in Q3 with respect to trading has started well and should reflect in the results of the company.

Tweet