NetPlay TV has released its latest performance results which have shown an increase in revenues by 7.1 percent to £19.8m for the period ending December 2010 from £18.5m in the previous year. Losses doubled as costs Bingo Stars failed to meet expectations.

EBITDA Loss for the year was £2.78m (2009: £1.32m).

Casino Revenue was up 21.8% to £17.35m (2009: £14.24).

Bingo EBITDA was down 49% to £0.33m (2009: £0.65m).

The average active monthly casino players increased by 16.2 percent to 9,300 players and the new casino customer’s signups rose by 16.8 percent to 66,000

In November the company raised £2.41 million from extra shares. All of it’s gaming operations have been relocated to Alderney.

Netplay claimed it has made a strong start to 2011 with the first quarter of 2011 delivering an increase in total active casino players of 22% on Q4 2010, and new casino customer signups increasing 15% on Q4 2010. The Supercasino iPhone application now accounts for 22% of customer sign ups and 12% of active customers in Q1.

Netplay CEO, Charles Butler, added: "2010 was a challenging year, and the disappointing launch of the Bingo Stars show with all its associated costs had a significant negative impact on the Group's performance. We have addressed the various aspects of the business which have led to the Group's poor historic results, and having restructured the business now have a clear understanding of what the key value drivers are. With our newly focused business model of converged live casino we continue to acquire customers and extract player value whilst effectively utilising our strong broadcaster relationships and extensive knowledge of the TV market place. With 2010 behind us and a much reduced and stabilised cost base in place, we have already delivered a positive EBITDA to date in 2011 and remain confident that our revitalised strategy of providing converged live casino in regulated markets will prove successful and drive shareholder value in 2011 and beyond."