NetPlay TV and Playtech Ltd have announced that they will be raising £12.84 million for an agreement on an interactive gaming deal for five years.
The ‘live’ TV gambling specialist NetPlay has conditionally placed 58,352,476 new shares on the market to strengthen the company’s bottom line and raise capital for continued expansion. Investment company Directforce Trading Ltd. will hold the new shares benefiting Playtech as a significant shareholder. Playtech will distribute NetPlays games both to retail as well as online customers. NetPlay TV is to supply ‘live’ interactive games such as roulette blackjack and bingo plus a live fixed odds draw. Playtech will also takeover on it’s platform all of NetPlays services over the five year agreement.
Martin Higginson, Chief Executive Officer for NetPlay, commented, “This agreement will take NetPlay TV to new heights. The investment of £12.8m into our business, along with the strategic relationship, both in terms of distribution and technology with Playtech, will enable us to drive the development of our converged gaming solutions.”
According to Martin Higginson’s recent interview on CNBC, repoted revenues for NetPlay were up 118 percent over last year, with a number of acquisitions and the launch of a number of new services extending it’s business to business solutions segment.
Netplay TV’s Non-Executive Chairman, Clive Jones, commented on the company’s recent growth, “NetPlay TV has come of age. The business has been transformed during the course of the year into a significantly larger interactive media business,” adding, “The demand for “live” gaming is starting to gather momentum and we are uniquely positioned to take advantage of this major opportunity. The UK Government is committed to the delivery of a fast Internet service for all and, as such, TV quality interactive programming is now available to an increased and growing number of UK homes.
Jones, is a broadcasting veteran, since 1978 he has held a number of prestigious roles in the media industry. Currently he is non-executive chairman of GMTV and a non-executive director of S4C, as well as Governor of the National Film and Television School.
Courtesy: Online Casino News
