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Bingo.com Announces 2013 Year End Results

ANGUILLA, BRITISH WEST INDIES -- (Marketwired) -- 01/25/14 -- Bingo.com, Ltd. (OTCQB:BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced its unaudited financial results for the fourth quarter and the year ended December 31, 2013. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Recent Bingo.com highlights include:

--  Total revenue increased to $1,938,699 for the year ended December 31,
    2013, an increase of 10% over revenue of $1,765,828 for the same period
    in the prior year. 
--  Total loss for the year ending December 31, 2013 was $814,178 compared
    to a loss of $46,235 for the year ending 2012. 
--  Completed transition to new desktop gaming platform in Q4 which enables
    a mobile and tablet solution to launch in the first quarter of 2014. 
--  Finalized beta testing of Trophy Bingo, our social casino game and
    completed preparations for a world wide launch on Android mobiles and
    tablets in the first quarter of 2014. 
--  Two separate financings in 2013 for a total of 2,000,000 common shares
    at $0.45 per share raising $900,000 in total. 

"2013 was filled with highs and lows for Bingo.com," said Jason Williams, the Company's CEO. "During the year, we were completely focused on two strategic initiatives; to increase revenue in our cash gaming business, and to spearhead the development of our social casino game Trophy Bingo."

"We invested heavily in our marketing campaigns with mixed results. While we believe our position within established markets has improved, player values have weakened. Increased competition and significant inflation in media prices have combined to make the environment more challenging."

"While the cash gambling market has opportunities, we believe that the social casino sector currently has more potential for a bingo focused product. Trophy Bingo will be a totally unique bingo game in the market and features patent-pending game mechanics. Development on Trophy Bingo continues at a rapid pace and we anticipate our first platform world wide release to be very soon."

"2014 will be a pivotal year for Bingo.com with the power of the Bingo.com URL harnessed under both of our business segments. The gambling business will finally be supported with a mobile product suite and Trophy Bingo will reach a global audience on multiple platforms. We continue to believe in our strategy and look forward to the year ahead."

Total revenue increased to $1,938,699 for the year ended December 31, 2013, an increase of 10% over revenue of $1,765,828 for the same period in the prior year. Gaming revenue increased to $1,913,566 for the year ended December 31, 2013, an increase of 11% over gaming revenue of $1,721,135 for the same period in the prior year. This increase compared to the prior year is due to an increase in players to the website as a result of increased marketing, especially in the first quarter of 2013. Advertising Revenue decreased to $25,133 for the year ended December 31, 2013, a decrease of 44% over revenue of $44,693 for the same period in the prior year.

Operating costs before interest, and depreciation expenses, including sales and marketing and general and administrative expenses increased to $2,748,176 for the year ended 2013, an increase of 52% over operating expenses of $1,807,558 for the year ended 2012. The increase in operating expenses compared to the year ended 2012, is primarily due to a 78% increase in marketing expenses.

Sales and marketing expenses were $2,168,031 for the year ended 2013, an increase of 78% over expenses of $1,217,416 for the year ended 2012. Sales and marketing expenses principally include costs for television marketing, Search Engine Optimization expenses, prizes for our players and other bonuses and incentives offered to gaming players. This large increase in sales and marketing expenses in 2013 did not prove as effective as anticipated and the ineffective Television campaigns have been terminated.

The net loss after taxation for the twelve months ended December 31, 2013, amounted to $814,178, a loss of ($0.01) per share, compared to a net loss of ($46,235) or ($0.00) per share in the twelve months ending December 31, 2012.

We had cash of $491,203 and working capital of $619,699 at December 31, 2013. This compares to cash of $876,004 and working capital of $1,640,713 at December 31, 2012.

For full details of the Companies 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. (OTCQB: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. The Bingo.com website has attracted millions of visitors from over 200 countries and is one of the most recognized and most visited bingo entertainment destinations on the Internet. Bingo.com operates its multi-language and multi-currency bingo and casino system as part of the Unibet partner program (http://www.unibet.com). Bingo.com, Ltd. (OTCQB:BNGOF) trades on the OTCQB, the venture marketplace for companies that are current in their reporting with a U.S. regulator. Investors can find real time quotes and market information for the Company at http://www.otcmarkets.com/stock/BNGOF/quote.

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 29, 2013, 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.

Unaudited Consolidated Balance Sheets

December 31,                                              2013         2012
Current assets:                                                            
  Cash                                               $ 491,203    $ 876,004
  Accounts receivable, less allowance for                                  
   doubtful accounts $150,000 (2010 - $150,000)        281,257      364,184
  Prepaid expenses                                     112,095      506,133
Total Current Assets                                   884,555    1,746,321
Equipment, net                                           7,770       10,280
Other assets                                         1,457,557      348,212
Domain name rights and intangible assets             1,257,241    1,257,241
Deferred tax asset, less valuation allowance of                            
 $143,944 (2012 - $79,681)                                   -            -
Total Assets                                       $ 3,607,123  $ 3,362,054
Liabilities and Stockholders' Equity                                       
Current liabilities:                                                       
  Accounts payable                                   $ 186,114     $ 24,465
  Accrued liabilities                                   67,466       65,593
  Accounts payable and accrued liabilities -                               
   related party                                        11,275       15,550
Total Current Liabilities                              264,855      105,608
Stockholders' equity :                                                     
  Common stock, no par value, unlimited shares                             
   authorized, 67,877,703 shares issued and                                
   outstanding (December 31, 2012 - 65,877,703)     20,097,690   19,197,690
  Accumulated deficit                              (16,780,002) (15,965,824)
  Accumulated other comprehensive loss:                                    
    Foreign currency translation adjustment             24,580       24,580
Total Stockholders' Equity                           3,342,268    3,256,446
Total Liabilities and Stockholders' Equity         $ 3,607,123  $ 3,362,054

Unaudited Consolidated Statements of Operations
For the periods ended December 31, 2013 and 2012

                                                          Three       Three
                                                         Months      Months
                             Year ended  Year ended       ended       ended
                               December    December    December    December
                               31, 2013    31, 2012    31, 2013    31, 2012
                             (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Advertising revenue            $ 25,133    $ 44,693     $ 6,098     $ 4,927
Gaming revenue                1,913,566   1,721,135     398,390     549,104
Total revenue                 1,938,699   1,765,828     404,488     554,031
Operating expenses:                                                        
  Depreciation and                                                         
   amortization                   4,687       4,755       1,903       1,192
  Directors fees                 12,000      11,500       2,500       2,500
  General and                                                              
   administrative               296,581     230,849      68,127      50,155
  Salaries, wages,                                                         
   consultants and benefits     272,496     339,943      63,806      48,933
  Selling and marketing       2,168,031   1,217,416     533,029     419,954
  Stock-based compensation            -      60,005           -           -
Total operating expenses      2,753,795   1,864,468     669,365     522,734
(Loss) Income before other                                                 
 income (expense) and                                                      
 income taxes                  (815,096)    (98,640)   (264,877)     31,297
Other income (expense):                                                    
  Foreign exchange gain                                                    
   (loss)                           932      52,155       9,106       8,051
  Interest and other income         840       1,258         143         206
  Profit on sale of                                                        
   subsidiary                       812           -         812           -
(Loss) Income before income                                                
 taxes                         (812,512)    (45,227)   (254,816)     39,554
Income tax expense               (1,666)     (1,008)     (1,666)       (948)
Net (loss) income            $ (814,178)  $ (46,235) $ (256,482)   $ 38,606
Net (loss) income per                                                      
 common share, basic            $ (0.01)    $ (0.00)    $ (0.00)     $ 0.00
Net (loss) income per                                                      
 common share, diluted          $ (0.01)    $ (0.00)    $ (0.00)     $ 0.00
Weighted average common                                                    
 shares outstanding, basic   67,165,374  64,156,392  67,877,703  64,986,399
Weighted average common                                                    
 shares outstanding,                                                       
 diluted                     67,165,374  64,156,392  67,877,703  65,877,703

Unaudited Consolidated Statements of Stockholders' Equity
For the year ended December 31, 2013

                                                           trans-     Total
                                                          lation      Stock-
                         Common stock      Accumulated    adjust-   holders'
                      Shares      Amount       Deficit      ment     Equity
Balance, January                                                           
 1, 2012          63,877,703 $18,237,685  $(15,019,134) $ 24,580 $3,243,131
   compensation            -      60,005             -         -     60,005
   placement       1,000,000     450,000             -         -    450,000
   placement       1,000,000     450,000             -         -    450,000
  Net loss                 -           -      (688,561)        -   (688,561)
Balance, December                                                          
 31, 2012         65,877,703 $19,197,690  $(15,965,824) $ 24,580 $3,256,446
   placement       2,000,000     900,000             -         -    900,000
  Net loss                 -           -      (814,178)        -   (814,178)
Balance, December                                                          
 31, 2013         67,877,703 $20,097,690  $(16,780,002) $ 24,580 $3,342,268

Unaudited Consolidated Statements of Cash Flows
For Year Ended December 31, 2013 and 2012

Years ended December 31,                                    2013       2012
Cash flows from operating activities:                                      
  Net loss                                            $ (814,178) $ (46,235)
  Adjustments to reconcile net loss to net cash used                       
   in operating activities:                                                
    Depreciation and amortization                          4,687      4,755
    Profit on disposal of subsidiary                        (812)         -
    Stock-based compensation                                   -     60,005
  Changes in operating assets and liabilities:                             
    Accounts receivable                                   81,609   (216,065)
    Prepaid expenses                                     394,038   (286,854)
    Other assets                                             788       (330)
    Accounts payable and accrued liabilities             161,377      9,317
  Net cash used in operating activities                 (172,491)  (475,407)
Cash flows from investing activities:                                      
  Acquisition of equipment                                (2,177)      (208)
  Software development                                (1,110,133)  (335,905)
  Net cash (used in) provided by investing                                 
   activities                                         (1,112,310)  (336,113)
Cash flows from financing activities:                                      
  Private placement                                      900,000    900,000
  Net cash provided by financing activities              900,000    900,000
Change in cash                                          (384,801)    88,480
Cash, beginning of year                                  876,004    787,524
Cash, end of year                                      $ 491,203  $ 876,004
Supplementary information:                                                 
  Interest paid                                              $ -        $ -
  Income taxes paid                                      $ 1,480    $ 1,510
Non-cash financing activity                                  $ -        $ -
Non-cash investing activity                                  $ -        $ -

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