ANGUILLA, BRITISH WEST INDIES -- (MARKET WIRE) -- 08/13/10 -- Bingo.com, Ltd. (OTCBB: BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced its unaudited financial results for the second quarter ended June 30, 2010. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Recent Bingo.com highlights included:

--  Net loss of $27,977 in the second quarter of 2010 compared to net loss
    of $266,702 in the second quarter of the prior year and a net loss of
    $344,806 in the first quarter of 2010.
--  Migrated our players onto the Unibet Partner Program to participate in
    their network bingo and casino program.
--  Closed a $2,250,000 investment from Unibet for 25.9% of Bingo.com.
--  Sold two redundant subsidiaries for $250,000.

"The second quarter of 2010 was an eventful quarter for Bingo.com," said Tarrnie Williams, the Company's CEO. "Bingo.com 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."

"The first step in the plan, the migration of Bingo.com's gaming operation to the Unibet partner platform, was completed on May 12th. While the transition was technically smooth, the migration of players from one platform to another is a delicate task as players are generally resistant to change. In particular, as we were previously operating almost exclusively in the competitive UK market, our players had become accustomed to a high level of promotional bonuses and scheduled bingo jackpots, which were not part of the new offering. These factors contributed to a far greater loss of gaming activity as a result of the migration than we had anticipated, and thus our current gaming revenue is significantly down since the transition, and will most likely remain down for at least the next two quarters. We are working closely with Unibet to make changes and to ensure that Bingo.com is well positioned to take advantage of both our existing traffic, as well as to prepare for a global marketing initiative targeting new players from the many new countries available to us."

"We are pleased that our loss is considerably reduced, however we will continue to suffer losses for the next few quarters, until our revised business plan is fully operational," said Mr. Williams. "Despite the large drop in revenue, we continue to believe the platform change to the Unibet system to be the correct decision. We are now able to exploit the multi currency and multi language platform strategy we have been striving to achieve for the past few years and can now take advantage of the Bingo.com URL's ability to register and convert players across a broad worldwide audience. In fact, since joining the Unibet platform, over 50% of our gaming revenues, albeit significantly reduced, have come from outside the UK market (where previously over 95% of our activity had occurred). Over the next few quarters, as continuing changes to increase the competitiveness of the system are being implemented by Unibet, we are preparing a marketing campaign and materials and are determining our optimum initial global placement opportunities. We expect to begin aggressively promoting the Bingo.com brand and products over a variety of traditional media beginning early in the new year."

"Additionally, subsequent to the end of the second quarter, we received a professional independent valuation of $1.4 to $1.6 million for the remaining 4% Domain Name Purchase payments for the probable repurchase of this asset by the Company."

Total revenue decreased to $368,932 for the quarter ended June 30, 2010, a decrease of 76% from revenue of $1,512,116 for second quarter of 2009 and a decrease of 71% from revenue of $1,254,792 in the first quarter of 2010. Gaming Revenue decreased to $348,428, a decreased of 76% in the quarter ended June 30, 2010, compared Gaming Revenue of $1,460,149 in the second quarter of 2009 and a 71% decrease from revenue of $1,209,269 in the first quarter of 2010. During the quarter ended June 30, 2010, we migrated our Bingo.com players to the Unibet partner program. The decrease compared to the second quarter of 2009 and the first quarter of 2010, is due to a decrease in cash game play, especially as a result of a second platform change within six months. We earned advertising revenue of $20,504 in the quarter ended June 30, 2010, a decrease of 61% from advertising revenue of $51,967 in the second quarter of 2009 and a decrease of 55% from advertising revenue of $45,523 in the first quarter of 2010. During the quarter ended March 31, 2010 the Company suspended sales of new advertising.

We recorded cost of producing revenue of $309,931 during the quarter ended June 30, 2010, a decrease of 67% compared to costs of $951,954 for the second quarter of 2009 and a decrease of 64% over costs of $857,402 in the first quarter of 2010. Cost of producing revenue consists of bonuses granted on deposits made by players, the cost of hosting the website, payment processing fees in relation to deposits from and withdrawals to our players, software license fees, and the domain name purchase payments. The decrease in cost of producing revenue for the quarter ended June 30, 2010, compared to the second quarter of 2009 and the first quarter of 2010, is due to the migration to the Unibet partner program, whereby the cost of most bonuses, hosting the website, payment processing fees, software license fees and other expenses are incurred by Unibet International Limited in exchange for a commission on the white label revenue payment.

Operating costs before interest, depreciation and amortization expenses, including sales and marketing and general and administrative expenses decreased to $411,249 in the second quarter of 2010, a decrease of 51% over operating expenses of $840,160 in the second quarter of 2009 and a decrease of 43% over operating costs of $719,373 in the first quarter of 2010. The decrease in operating expenses compared to the second quarter of 2009 and the first quarter of 2010, is due a decrease in sales and marketing expenses, particularly marketing bonuses granted to players, as a result of migrating to the Unibet partner program where significantly lower bonuses are granted to players.

Sales and marketing expenses decreased by 93% to $33,630 for the quarter ended June 30, 2010, a decrease over expenses of $455,501 in the second quarter of 2010 and a decrease of 89% from expenses of $314,087 in the first quarter of 2010. Sales and marketing expenses principally include costs for signup bonuses, marketing, prizes for our players and other bonuses and incentives offered to gaming players. The decrease in sales and marketing expenses for the quarter ended June 30, 2010, compared to the second quarter of 2009 and the first quarter of 2010, is due to migration to the Unibet partner program where significantly lower marketing bonus are granted to players.

General and administrative expenses consist primarily of premises costs for our office, legal and professional fees, and other general corporate and office expenses. General and administrative expenses decreased to $87,130 for the second quarter of 2010, a decrease of 45% from costs of $157,048 for the second quarter of 2009 and a decrease of 36% from costs of $136,806 in the first quarter of 2010. The decrease in general and administrative expenses for the quarter ended June 30, 2010, compared to the second quarter of 2009 and the first quarter of 2010, is due to migration to the Unibet partner program whereby we have reduced many of our costs, especially the development of the bingo.com website.

During the quarter ended June 30, 2010, we sold the subsidiaries Bingo,com Services Limited and Bingo.com Operations Limited for $250,000 and recorded a profit on the sale of these subsidiaries of $177,832.

During the quarter ended June 30, 2010, we reversed a provision of $193,051 for progressive jackpots from old jackpot games from our previous gaming system, which was discontinued in January 2010.

Net loss for the three months ended June 30, 2010, amounted to $27,977, a loss of $0.00 per share, a decrease in net loss of 90% compared to a net loss of $266,702, a loss of $0.01 per share for the same period in 2009 and a decrease in net loss of 92% compared to a net loss of $344,806 or $0.01 per share in the first quarter of 2010. The decrease in net loss for the quarter ended June 30, 2010, compared to the second quarter of 2009 and the first quarter of 2010, is due to the reduction in expenses as a result of migrating to the Unibet partner platform, the reversal of the progressive jackpot provision and the profit from the sale of the subsidiaries Bingo.com Services Limited and Bingo.com Operations Limited.

We had cash of $2,227,660 and a working capital of $2,140,934 at June 30, 2010. This compares to cash of $557,251 and a negative working capital of $19,801 at December 31, 2009.

Subsequent to the quarter ended June 30, 2010, the Company engaged an independent valuation company, Evans & Evans, Inc. to value the remaining 4% Domain Name Purchase payments, for the option of acquiring the 4% Domain Name Purchase payments. Evans & Evans Inc. concluded the valuation of the 4% Domain Name purchase payments is between $1.4 and $1.6 million.

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 own the popular online gaming community http://www.bingo.com. The Bingo.com website 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 1,990,000 registered users http://www.bingo.com is 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 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-K, filed with the SEC on March 31, 2010, 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.

Contacts:
Bingo.com, Ltd.
Henry Bromley
CFO
(264) 461-2646
(264) 498-3805 (FAX)
ir@bingo.com
www.bingo.com