NetPlay TV puts Bingo Operations up for Sale

The interactive gaming company NetPlay TV has announced that it will be taking offers on all bingo operations, in attempt to balance its finances.

The company, which is AIM-listed and behind such sites as Bingo.it and Bingos.com, has already raised £2.5 million after a series of share dealings and is said to be “inviting expressions of interest” for its associated domains.

NetPlay had paid €8 million for Bingos.com back in 2008 and Bingo.it is believed to worth around £1 million. It will also be looking for local marketing and licensing partners for its Italian and Spanish operations.

Currently, NetPlay TV’s share price is valued at just 5p, after the company announced losses of £7.9 million for the first half of 2010 – more than double last year’s figure. This was said to be a result of high investment in the interactive TV game BingoStars, which had an unsuccessful trial on ITV1.

As bingo made up only £1.7 million of the company’s total revenue of £11 million for the first half of this year, it was obvious that this side of the business would be the first to go. NetPlay now wants to focus on building its interactive TV casino ventures, which include brands such as SuperCasino, Roulette Nation and Challenge Jackpot.