Bingo.com Posts 1st Quarter Results
May 17, 2007
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It was a rough first quarter for a lot of online gaming companies based in the UK and Bingo.com was no exception.
ANGUILLA, BRITISH WEST INDIES — (MARKET WIRE) — 05/15/07 — Bingo.com, Ltd. (OTCBB: BNGOF), operator of the World’s largest online bingo hall, today announced its financial results for the first quarter ended March 31, 2007. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
“It’s hard to imagine a more difficult business situation than the passing of UIGEA, which caused Bingo.com’s revenue to fall by almost 100%,” said Tarrnie Williams, CEO of Bingo.com. “However, the Company has now completed the conversion of its business from one focused on gaming in the United States, where it is no longer considered legal, to one focused in the United Kingdom, where Internet gaming is welcomed and regulated. This transition presented many challenges: new software; new banking; new payment processors; new currency support; new marketing channels; as well as additional funding to provide sufficient capital to meet unforeseen events as we work to return to profitability. All of these challenges are now behind us and we look forward to growing our business in the UK and, over time, in other legal jurisdictions.”
Bingo.com results of the first quarter of 2007 included:
- Successful completion of a private placement unit offering of $1,500,000
- A net loss of $328,967, compared to the net loss of $336,727 from the fourth quarter of 2006
- Operating cost of $368,833 compared to operating costs of $395,863 in the fourth quarter
Parlay Records 9th Consecutive Profitable Quarter
May 17, 2007
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Parlay Entertainment announced via Market Wire another profitable quarter, making it the 9th quarter in a row to show profit.
OAKVILLE, ONTARIO — (MARKET WIRE) — May 15, 2007 — All amounts in United States Dollars
Parlay Entertainment Inc. (TSX VENTURE: PEI), the world’s leading supplier of Internet bingo software, today announced its results for the three-month period ended March 31, 2007.
“Revenue for Q1 2007, and in particular royalty revenue, may prove to be our low water mark for 2007 as we have witnessed stabilization in revenue generated from customers who are non-United Kingdom and non-European facing.” said Mr. Scott F. White, President and CEO. “We are very pleased to announce that, given the challenges faced by our industry, Q1 2007 will represent Parlay’s 9th consecutive quarter of profitable operations. We anticipated, as did the analysts who reviewed our prospects for 2007, that there would be an adverse impact to our revenue from recent U.S. regulatory developments. We are pleased to note that this impact was within our expectations and that royalty revenue increased in each of the last two months of Q1 2007. More importantly, we anticipate that our deal flow from new United Kingdom and European facing customers will be robust for the rest of the year, further enhancing royalty and other revenue. We are continuing to invest in sales and marketing efforts world-wide with bingo being at the forefront for new technology initiatives with some of the largest players in the e-gaming, mainstream media and government sectors.
“It is noteworthy to observe that although the size and sophistication of some of our evolving partnerships has resulted in a longer sales cycle, the eventual licensing arrangements, if completed, have the potential to significantly and positively impact on our revenue and cash generation” concluded Mr. White. “We also continue to explore opportunities in the United States which are not impacted by recent legislative changes and are taking steps to improve Parlay’s tax structure for later in 2007. We expect 2007 to be a very exciting year for our Company and for our shareholders. As we are in a position to announce these positive developments, it will be our intention to take steps to help the market understand and appreciate that our share price does not reflect adequate value.”
Read the entire news release at Market Wire
ABC Gives Bingo Playing Viewers Chance To Win on National Bingo Night
May 14, 2007
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Want to play bingo but just doing feel like going out? Starting Friday you’ll have two different alternatives! You can play bingo online OR you can watch and play ABC’s new game show ‘National Bingo Night’.
National Bingo Night is a high-energy, truly interactive game of luck based on the hugely popular American pastime. In each episode, three high action Bingo games are played in-studio, with the viewing public invited to play along for a chance to win tens of thousands of prizes. Hosted by Extreme Makeover: Home Edition design team contributor Ed Sanders, the series airs Fridays (9:00-10:00 p.m., ET) on the ABC Television Network.
In each game, a contestant will try his/her luck, racing against the studio audience as balls numbered from 1-75 are randomly selected from a giant sphere set in a high-tech “Bingo Plex” arena. The studio audience will track the numbers on their own Bingo cards for a chance to win cash and prizes and send the contestant home empty-handed.
Millions of viewers will also be able to play along at home by printing out free cards via ABC.com. Viewers can log on and print out game cards. Each time a person prints, he/she will get three pages, one for each game that is played per episode telecast (a Red, White and Blue card). Each game card has three Bingo grids on it, allowing the participant three chances to win per card. Online winners are not competing against the clock; those who get a Bingo from the numbers called for each Red, White or Blue game on the corresponding cards can log on to ABC.com after the broadcast and enter the serial number from their card to verify their winning card. Viewers at home who get five numbers up and down, across or diagonally will be eligible for the grand prize drawing for that game. Online players must enter their serial number from their winning cards by 6:00 p.m., ET, the Monday following the Friday broadcast to redeem their prize. Cards for the upcoming Friday episode are available immediately following the airing of the current episode.
Ed Sanders will host and Sunil Narkar (“Commissioner Sunil”) will serve as co-host. The series is executive-produced and created by Andrew Glassman (Three Wishes, Average Joe) for Glassman Media. National Bingo Night is broadcast with Spanish subtitles via secondary closed captioning.
You can get more info by visiting ABC.com
2007 Good Year for Online Bingo, Online Bingo Summit Announced
May 14, 2007
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Online bingo is a hot spot in the online gaming arena and the place to be in the online bingo world is Europe, which is discussed in the press release at Newswire Today
NewswireToday – /newswire/ – London, United Kingdom, 05/11/2007 – Online Bingo is experiencing fantastic growth right now with some startling market statistics. This press release looks at the operators & affiliates aim over the next year with thoughts from Dominic Mansour, Leigh Nissim, Phil Fraser & Chris Wesson.
Online Bingo presents itself as an unlikely competitor to the variety of online cash games available to today’s igaming consumer. However according to numbers from Parlay Entertainment the current online bingo market is estimated at 40 million USD per year and is growing fast. As the online Casino market begins to slow Bingo operators and affiliates share one common goal…Europe…and they are not holding back!
Heightened exposure in Europe, new entrants from the offline Bingo world, iGaming laws set to launch in September 2007, the national smoking ban ready to take hold of the offline operators in July and brewing M&A activity on the horizon – there has never been a better time to take advantage of the exploding European Bingo scene. Indeed if only 1% of the land-based Bingo halls convert from land to online, it would represent a $400 Million Dollar Industry
As the online Bingo space gears up for significant growth Dominic Mansour, CEO at Bingos.co.uk spoke of the value of the upcoming Bullet Business Online Bingo Summit ; “The Online Bingo space is gearing up to corner a large slice of the online gaming sector…things are very exciting right now. The Online Bingo Summit is the only place in Europe to meet with key Bingo industry executives and to discuss the challenges we will face over the next year. Last year’s Summit brought together a fantastic mix of stakeholders from right across the Bingo value chain. I am looking forward to this year’s summit very much.”
Indeed, world leading Bingo Operators, Affiliates, Technology Solution Providers, Igaming Legal Specialists, Digital Marketing Consultants and more will be meeting in London to strategize, discuss and learn about how to make the most of the lucrative European online Bingo space. Companies already confirmed include Parlay Entertainment, St. Minver, Which Bingo, Online Bingo Info, Astro Bingo, Bingos.org.uk, Think Bingo, Bingos.com and more.
The 2nd Annual Online Bingo Summit Europe run by Bullet Business taking place at the Regents Park Marriott hotel in London on September 25th – 26th remains the premier summit to focus solely on the business of Bingo. Speaking about last years summit Leigh Nissim, Managing Director of St. Minver commented “The Online Bingo Summit 2006 gave the unique opportunity for the Online Bingo industry to come together for a day of focused, in-depth and relevant discussion about the biggest challenges within online bingo today”.
Reflecting on the quality of attendees in 2006 Phil Fraser, Founder of Which Bingo stated “The Bingo Summit drew a very focused target audience of key decision makers in the online bingo industry.” He continued “This was the first online bingo-only conference – it was long-awaited but worth the wait. An excellent opportunity to listen to, and meet, suppliers, clients and competitors all under one roof. I am already looking forward to the next Bingo Summit”
While Chris Wesson, Managing Director, Online Bingo Info speaking about this years meeting says “I am very much looking forward to this year’s conference as the industry has moved on and there are new and exciting opportunities to explore”
