Bingo.com slumps to yet another loss

The extraordinary saga of Bingo.com continues with the company announcing another huge loss, despite owning the best online bingo domain in the world.Between July and September 2009 Bingo.com lost $390,432 and total revenue fell 8% on a year-on-year basis and 5% on a quarter-on-quarter basis.Chief executive Tarrnie Williams said that players were becoming more sophisticated and the recession had hit player values. “The effects of the economic downturn were evident in our third quarter results,” he said. “Online bingo players have become quite sophisticated and, with an increase in the number of similar product offerings, individual player values have contracted. In anticipation of this fact, we invested significant resources during the third quarter into a differentiated product that will soon be ready for release.