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There was yet another blow Tuesday to the once powerful Zynga, home to what is still the largest free online poker site in the world.
Long time head of Zynga Poker, Laurence "Lo" Toney, became the 7th key executive in less than a month to announce his resignation from the company.
The timing seems odd considering Zynga has announced a “real money online poker” partnership with the world’s 4th largest Web poker room, 888.com. It also comes at a time when free-to-play online poker sites like Bam Poker and Betable.com along with “real money” sites that offer free-to-play poker like Camasino and PokerStars are currently thriving. To date, the Isle of Man licensed Camasino.com, which now operates Canada’s largest land-based poker room outside of Montreal, has 4779 Facebook likes while Pamela Anderson-based BamPoker is closing in on 1000.
Forbes.com has called by Zynga and Groupon “the worst performing stocks of the year”.
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From Forbes.com:
“Our goals were we want to raise a billion dollars,” Mark Pincus, Zynga’s CEO, said at the start of 2012. “Through going public, we wanted to add some more great long-term investors to the company. All of that was successful.”
Those long-term investors probably have another way of describing their investment in Zynga. Any long-term shareholders of Zynga and Groupon would have been better off investing in the stock of any other major U.S. company in 2012
Zynga also lost two vice presidents, Bill Mooney and Brian Birtwistle, at the end of August.
- Aaron Goldstein, Gambling911.com
