Online bingo operator Bingo.com has released accounts for the second period ending 30th June 2010. While the accounts have shown a further loss for the period of $27,977 this is up on the same period last year and the first quarter this year. However, this is still a huge improvement on the same period last year and also the previous three months. A change in the company operating structure has seen a 76% reduction in revenues.

The loss of $29,977 for this quarter compares to $266,702 loss that the gaming company reported in the same period of 2009. In addition the company reported a loss of $344,806 for the first three month of 2010. Revenues fell from $1.5 million dollars for the period last year to less than $370,000 for the same period this year. This has mainly been blamed on a reduction on gaming activity as a result of the company changing software providers. They have switched to the Unbet platform after Unibet purchased a 26% stake in Bingo.com for $2.25 million.

Tarrnie Williams, the CEO of Bingo.com was reported as saying; ” The second quarter of 2010 was an eventful quarter for Bingo. We secured an equity investment of $2,250,000 from Unibet thereby significantly strengthening the balance sheet and ensuring sufficient capital to meet our revised business plan for the next few years. In addition, Bingo.com sold two subsidiaries, no longer required for the revised business plan, for $250,000, recording a profit of $177,832 on their sale. We are pleased that our loss is considerably reduced but we will continue to suffer losses for the next few quarters until our revised business plan is fully operational.”

As a result of the new relationship Bingo.com will be able to provide its service on a global basis and is not just restricted to the UK market. It is expected that future reports will show favourable results as the company operates across new boundaries.