Over 12m capital raised by bingo partnership

Posted by: Irene | Date: July 17th, 2009

Last week, one of the biggest bingo partnership contracts was solidified. Online bingo provider and software developer Playtech teamed up with Netplay TV, a top interactive live gaming specialist. The two AIM-listed companies announced a five year partnership contract which will blend and merge their variety of casino and internet bingo products. In order to raise funds and support its sustained expansion, Netplay TV has placed nearly 58 million shares in the market at 22p a share, increasing the gross proceeds by over £12.8m.

CEO of NetPlay TV plc Martin Higginson said that this contract will take NetPlay TV to new heights. The £12.8 million investments into their business along with a strategic relationship, both in terms of technology and distribution with Playtech, will enable them to drive the development of their convergent gaming solutions.

Playtech not only develops online bingo software but also develops poker and mobile games software. In the UK bingo market, Playtech bingo software is not as highly rated as other bingo software solutions like Virtue Fusion that has gained numerous contracts over the past few months from top bingo operators. However, this latest partnership contract will definitely help to give a massive boost to Playtech and the company’s liquidity.