New Bingo Network to Launch - 05-12-09

May 12 - Riding on the wave of popularity in the online bingo industry, especially in Europe and the United Kingdom, two gaming giants have declared their intention to create a brand new bingo network.

The software developer Parlay Entertainment, Inc. and gambling operator, Entraction Holding AB said that the joint venture would incorporate a European facing network offering quality sites and games to online bingo fans.

It is believed that the new network will launch at the end of May already.

In a statement this week, the Chief Executive Officer of Entraction, Peter Astrom, said about the network: "We plan to offer the bingo platform to existing and new partners, allowing us to make a serious commitment to growing this area of our business."

In the past year, Parlay Entertainment, once considered the unbeatable king of bingo software, has reported a serious drop in royalty revenue. It experienced its sharpest drop between April 2008 and 2009, by a rate of 53%.

One of the reasons for this change in trend has been the strengthening of Parlay Entertainment's rival companies such Virtue Fusion, the Alderney based company that offers top quality bingo software to a number of groups online.

The Virgin Group Ltd. recently announced plans to switch from the St. Minver platform to Virtue Fusion.

Only last week, the Irish gambling giant, Paddy Power announced that it would also be switching from Parlay Entertainment's platform to Virtue Fusion.

It is hoped that the new online bingo network that Parlay is forming with Entraction will assist the company in raising its royalty revenues once more.

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