The UKs third largest land based bingo firm has reported an alarming drop in profits said to be an unprecedented turmoil caused by the combination of recent changes in gambling laws and the September smoking ban.

Top Ten Holdings run thirty eight bingo clubs across Wales, the Midlands and the North-West. They have seen pre-tax profits fall by more than half to £381,000 in the six months up to September 30 th 2007.

In October their largest rival Rank, owner of the Mecca bingo chain also warned of slumping revenues since the 2005 Gambling Act came into force two months ago, they also blame the September smoking ban for the slump in turnover.

Investec analyst Matthew Gerard expects Top Ten’s full year pre-tax profits to be £500,000, compared to £2.8m previously.
He said, “We are concerned trading could deteriorate further in colder weather.”

Shares in the St Albans firm, which began the year at 87.5p, slipped 5% to a new record low of 38p today.
Top Ten chairman Sir Aubrey Brocklebank said, “Average customer spending levels and club admissions remain very unpredictable and it is difficult to discern any clear trends.”

The company is riding out the double impact of the bans and new laws with a cost-cutting plan to reduce overheads. It has also sold five less profitable clubs to lower its debt.
The benefits of the savings should be felt in the first half of the next financial year.

Top Ten called for an overhaul of “perverse” tax laws which bingo operator’s claim unfairly penalises the sector. Bingo participation fees are subject to both 17.5% in VAT and 15% gross profits tax (GPT), although bookmakers are only subject to the GPT. Top Ten has joined other operators in lobbying the Treasury for a change in the rules.

Bingo News From Bingo Reviewer

The first bingo millionaire who got a full house online is none other than Pauline Clarke, aged about 62 who hails from Brislington Bristol. In fact, she had reached the last 60p of her 5 pound account when she found that her numbers had indeed come up during the game on Sunday.

Pauline is a mother of two children who has been playing bingo for years. Now she plans to pay off all the mortgages she had done for her children, and to hire a person to put a greenhouse in her back garden.

Pauline is a widow who had retired from her job as a supervisor about two years ago as she couldn’t handle the stress associated with it. She claims that when she had heard that she had won the money, she was absolutely shocked where her heart was racing for quite some time after hearing about the win.

She says that she had been playing bingo for years, and the last time she had won a huge amount in bingo was about 12 years ago when she had then won 6,000 pounds in the National Game. However online bingo is relatively new to her as she has been playing it only since the past two months.

She always had the notion that she would win it big in bingo; in fact a clairvoyant had once told her that she would never be stuck for cash. However when she had to retire about two years back, she started wondering what the clairvoyant may have meant.

Bingo news from bingo reviewer.

 The guys over at ladbrokes bingo have some special offers for their members this December and we wanted to bring them to you first. The promotions will run from the 4th December to the 15th December and include some fantastic bingo offers and prizes.

Ladbrokes bingo Promotion & Promotion Dates

The promotion will take place the 4th – 15th December

• On each of the 12 days (between 11.30am – 10.30pm), there will be 12 x £500 guaranteed prize fund games (£50 for 1 line, £150 for 2 and £300 for full house). All games will be maximum of 12        tickets @ 1p.
• The 12 Days of Christmas culminates on the 12th day (Saturday 15th) with a £20.5k guaranteed prize pool.
• 8pm - £1k for full house
•  9pm - £2k for full house
• 10pm - £2.5k for 1 line, £5k for 2 lines and £10k for full house
• Max 60 tickets at 50p or £1 (for the big game)
• Prize draw where 3 players will win £10k each.
• 1 entry for every day during the promotion period that a player stakes at least £10 on bingo tickets (this will be £10 as the average daily stake per player over the last 9 weeks is £27.10). Each player who stakes £10 or more on every day of the 12 days will receive 12 additional entries into the prize draw.
• Winners will be announced in the chat room on 18th Dec

Bingo Promotions From Bingo Reviewer