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Where's the Money Going?

Despite a huge surge in online casino gambling activity all over the world, the Bingo.com site was unable to generate enough revenue to operate in the red for the first quarter of 2008. That doesn’t mean that the first quarter statistics were all bad, in fact just the opposite is true. Bingo.com announced that the company’s profits were up for the quarter, but that the expenses related to up keeping the online casinos nearly 2 million members effectively wiped out the growth that the quarter has seen.

Online bingo is slowly growing in popularity in existing internet casino gambling markets because existing land bingo players are beginning to migrate over to the less restrictive environment of the internet. UK legislation is making it difficult for land bingo venues to stay open – that means more players are turning to the online casinos and internet bingo specifically. And beyond just the growth of the global industry, the fact that Bingo.com has a premium URL is a huge indicator that the site will maintain longevity in the market. The CEO at Bingo.com, Tarnie Williams, notes, “Our strategy remains focused on the strength of the Bingo.com URL in the UK market as we look to move into international markets.”

As for the specifics on why the online bingo site did not show positive profits for the first quarter of the year, Williams elaborates, “We’ve increased revenue, decreased costs and entrenched ourselves as a premier operator in the UK.” The part of the equation that just didn’t work in favor of the online casino gambling site this quarter were the high amount of player revenues and related expenses. But many industry analysts predict that those factors will lessen and the profit will overtake the expenses in the coming quarters.