Should you cut your losses and run a mile from Gala Bingo?
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While Gala Bingo continues to maintain they are the biggest bingo brand in the UK, I have continuously maintained that online they are consistently big but not all that good. This should not be the case if they are the biggest brand in the land, it makes sense they should put out the biggest prizes and promotions. So this is one instance, and there are many, where biggest is definitely not best!
I always have the impression that their online bingo members are the first to get the last pickings in terms of promotions, if land club members get any promotions at all. I bemoan the fact constantly that members of bingo sites with far less infrastructure and financial backing, receive far more return for investment. Which is just plain wrong!
It’s no secret that Gala Coral has been struggling with massively leveraged debt for many years. While this position has more or less been taken care of, it will take a long time to normalize. Junior shareholders bore the worst effects of this complex and mammoth financial restructuring. In a frank interview held with Neil Goulden, one of the junior (not meaning younger, meaning smaller shareholders), who was also (now outgoing) Chairman of Gala Bingo, it was interesting to note that he personally lost £10 million in the restructuring deal. And believe me he had little choice! However he chose to invest his money there, so he paid the price. Believe me, you can make the same choice when you invest in an online bingo membership.
I wish I had more room to write about this but online bingo industry news is just that. It's simply that understanding the financial position of Gala Bingo, the employees and dynamics from all different aspects, and how hard they fought to hold on to the company; seems to be completely relevant to the level of their online bingo offering. Perhaps now this will change, perhaps not but Neil Goulden is cutting his losses and running so, believe you me, so can you.
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