The effects of the recent UK smoking ban and changes to the UKs gambling regulations are the factors being cited by land-based bingo company Top Ten for their slump in profits, according to a report on ATE Online.
Top Ten reported a drop in pre-tax profits of £465,000, to £381,000, on sales down £1 million to £13.7 million for the six months to September 30, according to the report.
The company added that it expects market conditions will continue to remain difficult over the next six months.
In an ominous note, Top Ten indicated that its poorly performing clubs will probably face closure. How many of the companys current 38 clubs will be facing closure was not specified in the report.
The fortunes of land-based bingo has contrasted sharply with online bingo and free online bingo games operators over the last year. Whereas bingo online had to adsorb the loss of the US market and rebuild through diversification strategies, land-based bingo has found itself mired in changing conditions the industry is finding difficult to adapt to.
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