Despite posting overall revenue growth of 21% in the first half of the year, NetPlay TV’s losses more than doubled over the same period, in large part due to the dismal results of their Bingo Stars product. Launched in April, Bingo Stars ‘soft gaming format’ has spectacularly failed its six-month trial on broadcaster ITV, and NetPlay has moved swiftly to shed Bingo Stars staff and associated dead-weight contracts in an attempt to get back to profitability.
NetPlay’s first half revenues totaled £11.3M, with total casino income up 73% to £8.8M. Pre-exceptional earnings were £740K, up from £120K the previous year. However, once the Bingo Stars and other exceptional losses were factored in, overall losses before tax amounted to £7.9M.