Zynga Stocks Continue to Slide: World’s Largest Free Poker Site in Danger
Shares in Zynga, home to the world’s largest free play online poker site, continued to slide on Friday as the company slashed its guidance.
Shares of Zynga fell a whopping 17 percent Friday following news of a weak demand for its web-based games, including the once uber popular FarmVille.
Zynga has already partnered with another online poker venture in hopes of bringing real money gambling to the site by early 2012, though the US market may initially be excluded. The company is beginning to face stiff competition from the likes of Gambling911.com sponsor Camasino.com, a social gaming site that holds the proprietary patent for webcam poker, and BamPoker.com, a free poker site fronted by Bay Watch babe Pam Anderson.
Much of Zynga's revenue comes from games played on Facebook, however, the games manufacturer has focused on reducing its dependence on Facebook Inc. by focusing on mobile games and Zynga.com, its online game network.
Zynga shed 47 cents to $2.35 Friday afternoon. It went public at $10 per share.
- Aaron Goldstein, Gambling911.com
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