Shares in the online casino and bookmaker bwin.party fell by 3.4 per cent yesterday following comments from broker Morgan Stanley.
Morgan Stanley downgraded the gaming company to “underweight” amid suggestions that bwin.party’s poker relaunch had failed.
“The company does not have a steady base of high-quality income from any product or region,” the broker said.
“We see a risk that lower marketing spend drives lower active customers, generating less revenue, with fewer funds available to invest in product development and marketing, and that this, in turn, leads to lower customer numbers.”
