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Netplay TV exit Online Bingo
Parent Category: ilovebingo
NetPlay TV, the interactive gaming business has launched a call for offers on its bingo assets, which consists of its Bingos operating arm and domains such as Bingo.it. This move is part of a restructuring plan that has the objective to make the business profitable once again. This move has been shown in a document distributed amounts interested parties.
Yesterday £2.5m were raised by the AIM-listed operator, as a share that was placed was successful. They are now inviting “expressions of interest” in its Bingos business. Back in 2008, Bingos was bought by NetPlay for €8m.
It is believed that NetPlay is looking for marketing and licensing partners for its Spanish and Italian business, which includes the Bingo.it with an estimated value of £1m. However, its UK division is up for sale upright, which can be taken as a reflection of the saturation of the UK bingo market, believed to be highly competitive. Other domains owned by NetPlay include Bingo.fr and Bingo.de. The total revenue for NetPlay’s bingo business for the first six months of 2010 was £1.7m of its £11m revenue. The operator will be freed up which will allow it to focus its energy back into its core online and interactive TV casino businesses, spearheaded by its SuperCasino, ChallengeJackpot and Roulette Nation brands.
The share price of this operator has gone down to less than 5p, as a result of its September announcement that first-half losses had more than doubled, from £3.2m to £7.9m. The strong investment that was made in an unsuccessful train of its BingoStar product on ITV1, a UK terrestrial tv channel, has been given as the main reason for such losses. The share price of the company had gone up to 28p in April 2009.