Bingo.com Q2 revenue up 41%
Bingo business sees year-on-year rise despite fall in quarterly revenues
Malta-licensed operator Bingo.com recorded a return to profit in Q2 as focus on retention saw a 41% rise in year-on-year revenues despite the firm cutting its marketing spend following a platform migration.
Total revenues for the three months ended 30 June stood at US$491,259, an increase of 41% from the same period last year due to a higher number of active players, while the operator also posted a small $10,499 profit, which marked a return to profitability following a $471,189 loss in Q1 2013.
Revenues were down 17% quarter-on-quarter, however, and CEO Jason Williams attributed that decline to the website’s Unibet-powered platform migration.
“While the new site is technically superior and we anticipate that it will result in higher gaming activity in the future, including on smart phones and tablets, the migration process has unfortunately had a negative impact on Bingo.com’s gambling turnover in the short-term,” Williams said.
“With an increased focus on retention and monetisation of the players we acquired in the first quarter, we were able to secure a small profit despite reduced gaming activity resulting from the website migration and a reduction in marketing spend,” Williams added.
Williams said he was looking forward to restarting marketing of Bingo.com now the platform migration was complete, although he cautioned this was unlikely to lead to a big increase in spend during Q3.
“The summer months can be difficult for player acquisition so we will be cautious with our marketing budget until we fully understand the strengths of our new gaming system,” Williams said.