Bingo.com, Ltd.
OTC Bulletin Board : BNGOF

Bingo.com, Ltd.

November 14, 2008 16:00 ET

Bingo.com Announces Third Quarter Results

ANGUILLA, BRITISH WEST INDIES--(Marketwire - Nov. 14, 2008) - Bingo.com, Ltd. (OTCBB:BNGOF), operator of the popular online gaming community http://www.bingo.com, today announced its unaudited financial results for the third quarter ended September 30, 2008. All amounts are presented in United States dollars and are in accordance with United States Generally Accepted Accounting Principles.

Bingo.com highlights of the third quarter of 2008 included:

- Total revenue of $1,560,087, up 10% from total revenue of $1,415,858 in the second quarter of 2008 and 58% from revenue of $989,576 from the third quarter of 2007.

- Net loss of $268,774 in the third quarter of 2008, up 14% from net loss of $235,188 in the second quarter of 2008 and a decrease of 32% in net loss of $395,787 from the third quarter of 2007.

- Launched Spanish Bingo.com website at http://es.bingo.com and commenced translation of additional languages for launch in coming quarters.

"The third quarter of 2008 continues to show improvement for Bingo.com," said Tarrnie Williams, the Company's CEO. "During the quarter we increased our revenues, primarily from our gaming operations in the United Kingdom, launched our first non-English version of Bingo.com, and made important steps to acquiring our European Union gaming license. The increase in net loss is primarily due to unrealized Foreign exchange losses due to the turbulent foreign exchange markets and our reporting in United States dollars. We are confident of securing our EU gaming license in the fourth quarter of 2008, which will enable us, and our affiliate marketing partners, to market our products through a much wider range of channels. We remain focused on executing our strategy and believe we will be capable of returning Bingo.com to profitability."

Total revenue increased to $1,560,087 for the quarter ended September 30, 2008, an increase of 58% from revenue of $989,576 for third quarter of 2007 and an increase of 10% from revenue of $1,415,858 in the second quarter of 2008. We had Gaming Revenue of $1,487,999 in the quarter ended September 30, 2008, an increase of 56% compared to Gaming Revenue of $954,815 in the third quarter of 2007 and an increase of 11% from revenue of $1,337,441 in the second quarter of 2008. The increase compared to the third quarter of 2007 and the second quarter of 2008, is due to an increase in our player base. We earned advertising revenue of $72,088 in the quarter ended September 30, 2008, an increase from advertising revenue of $34,761 in the third quarter of 2007 and a decrease of 8% from advertising revenue of $78,417 in the second quarter of 2008.

Operating costs before interest, depreciation and amortization expenses increased to $840,239 in the third quarter of 2008, an increase of 12% over operating costs of $753,403 in the second quarter of 2008 and a decrease of 13% over operating expenses of $960,746 in the third quarter of 2007. The increase in operating expenses compared to the third quarter of 2008 is primarily due to the increase in the sales and marketing expenses, especially marketing bonuses granted to players. In addition there was an increase in foreign exchange losses due to the strengthening of the US Dollar in relation to other currencies. The decrease in operating expenses compared to the third quarter of 2007 is primarily due the decrease in television and other advertising expenses incurred to rapidly increase our player base in the United Kingdom.

Net loss for the quarter ended September 30, 2008, amounted to $268,774, a loss of $0.01 per share, an increase of 14% in net loss compared to net loss of $235,188 or $0.01 per share for the second quarter of 2008, and a decrease of 32% in net loss of $395,787 or $0.02 per share in the third quarter in the prior year. The increase in net loss compared to net loss in the second quarter of 2008, is due to the increase foreign exchange losses due to the strengthening of the US dollar in relation to other currencies. The decrease in net loss compared to the third quarter of 2007, is due to an increase in gaming revenue as a result of the launching the cash games in the United Kingdom.

We had cash of $748,344 and working capital of $464,020 at September 30, 2008. This compares to cash of $744,596 and working capital of $648,123 at December 31, 2007.

For full details of the Company's operations and financial results, please refer to the Securities and Exchange Commission website at www.sec.gov or the Bingo.com website at http://www.bingo.com.

About Bingo.com

Bingo.com, Ltd. (OTCBB:BNGOF) is the parent company of the Bingo.com group of companies which operates the popular online gaming community http://www.bingo.com. The Bingo.com group offers multiplayer bingo, slot machines, sweepstakes, and more. Players come together from around the world to chat, share, play and win at Bingo.com. With over 1,900,000 registered users http://www.bingo.com and http://es.bingo.com are one of the most recognized and most visited bingo entertainment destinations on the Internet.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to the anticipated future success of the company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission. Specifically, readers should read the Company's Annual Report on Form 10-KSB, filed with the SEC on March 28, 2008, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005 and the SB2 filed July 17, 2007, for a more thorough discussion of the Company's financial position and results of operations, together with a detailed discussion of the risk factors involved in an investment in Bingo.com, Ltd.

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