As shares in one of Europe’s biggest sports betting firms fell by more than 10% this morning, beleagured bosses put the blame on FOOTBALL!
PartyGaming — which last year claimed more it had more than a MILLION active players — said its online casino was still doing well, as was PartyBingo.com which was “gaining traction” in a sponsorship deal for ITV’sinteractive Bingo Night Live.
But “under-performance” in poker and sports betting meant turnover was “slightly lower than expected”.
PartyGaming said it planned a cost-cutting drive and reductions in marketing to help first-half profit margins come in “substantially higher” than a year ago.
The replacement of its Canadian chief executive Mitch Garber had also cost it around £2.1m. Garber was a 0.2% shareholder and had been with the firm for more than two years. He has been replaced by Jim Ryan, formerly boss of internet gaming service firm St Minver.