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Bingostar Failure Hurts Netplays Earnings
Losses double as interactive television and internet gambling company describes project as ‘costly’.
NetplayTV released its interims this week, reporting a wider six-month pre-tax loss of GBP 7.9 million compared with GBP 3.2 million last year.
The losses came despite total revenue growth for the six months ending 30 June 2010 improving by 21 percent to GBP 11.31 million from a re-stated GBP 9.34 million in the comparable period.
The costly failure of a six month trial of the Bingo Stars show on ITV was a major contributor to the losses, management reported, with chairman Clive Jones observing that the new soft gaming format “did not perform in line with our expectations and has been a major cost to the company.”
NetPlay issued a profit warning in June (see previous InfoPowa report) after Bingo Stars failed to deliver anticipated revenues. EBITDA reached GBP 740 000 in the first half of 2010, compared GBP 120 000 in the same period last year.
CEO Martin Higginson revealed that the company had let go significant numbers of staff following the termination of Bingo Stars, and that some non-core business contracts had been halted.
“The ITV trial comes to an end during November 2010, and our discussions with ITV are ongoing, as is the restructuring of our business,” said Higginson.
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Gambling News :
FanDuel adds English Premier League action -
Daily fantasy sports operator FanDuel, which is now additionally active in the UK market, has announced the inclusion on its roster of English Premier League action, with associated contests scheduled for roll-out next week.
Coral Q4-2016 earnings reports -
Ahead of its forthcoming merge with Ladbrokes, the online and land gambling group Coral published its Q4-2016 financial numbers Thursday, detailing the twelve week period ended September 25 2016.
Unibet in cooperation with -
Online gambling operator Unibet Group has signed a cooperation agreement with the FIFA subsidiary Early Warning System GmbH (EWS).
Kiron Interactive in deal with Digitain -
The online gambling expo and conference EiG 2016 has enabled two online gambling companies to come together in a commercial deal; specialist virtual games supplier Kiron Interactive has inked an agreement to distribute its virtual games via Armenia’s Digitain.
GLOBAL SPORTS BETTING WORTH $253.3 BILLION BY 2020 -
Ujjwal Doshi, lead analyst at the research firm, says, “Low-cost cross-border service delivery is opening up sports betting markets, which were previously protected by state-regulated monopolies or dominant local operators.”
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