Party Gaming has had the profile of its online bingo site, Party Bingo, boosted by the launch of the ITV Bingo Night Live Late night TV show, however, shares have dropped quite substantially, actually by more than 10%. They believe that the cause for this was the distraction caused by the Euro 2008 football championship tournament.

During this time period, Party Bingo and Party Gaming saw the number of active players decrease. And although the company has seen a steady increase of players to the online bingo site in the past recent months, they still find their latest financial update to be disappointing. This coupled with the cost of a replacement for the Chief Executive officer, which cost the group ₤2.1 million are more than likely the reason for the drop in revenues and the corresponding decrease in the share price. CEO Mitch Garber was recently replaced by Jim Ryan, the former internet gaming service boss from St. Minver. There was also the matter of the company’s poker division, with all the strong competition for new poker players, bonuses and some of the costs related to tournaments had increased.

They are currently putting operational efficiencies in place for the online bingo and gaming sites. This means lowering marketing costs, as well as other operational aspects and it is hoped that these efficiencies will assist in increasing profit margins.

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