The reasons as to why Playnet halted its operations last month have been revealed.  The company admitted that its software has been sold to an unidentified Swedish company that has an aversion to US risk and intends to build a European operation.

TheYouGotBingo Network was mainly used by American bingo players.  The sites that included BingoBoat.com, BulldogBingo.co.uk, ChurchillBingo.co.uk, ComedyBingo.com, EmeraldBingo.com, ExoticBingo.com, FunBingo.com, HappyDaysBingo.com, RainbowBingo.com, SkippyBingo.com, StarlightBingo.com and SunsetStripBingo.com.

In the last three weeks, all player balances have been transferred to Bingogala.com, a site is owned by Bingo Entertainment which has an 11 year reputation in the United States for operating a network of sites such as Bingoplex.com.

Details surfaced mid-November when the Cyprus-based company, Playnet, advised players that it had been forced to cease taking deposits and would have to restrict bingo pots.

“Due to the size of the funds and the seriousness of how this affects us operationally, we are forced to suspend online bingo operations,” a spokesperson for Interactive Playnet said.

“This is very unfortunate and totally beyond our control. We feel it would be wrong for us to continue at this time without the firm guarantee of payment......  We have not shut down the network at the moment, however, we have suspended the deposit page and cut bingo pots.”

But it appears that the real reason was the impending sale of the software to the Swedish purchaser, and the need to find a new home for the network's American players.

The new owners of the software had grave legal concerns in continuing the practice of accepting American depositors.  With such a  heavy dependency upon US customers,  the closure of the network was on sudden, but unavoidable notice.

Nigel Simmons, chief operating officer of Interactive Playnet, said: "The American market is currently unpredictable and turbulent in nature.  With the added complicated legal issues surrounding this area of online gaming, it is unfortunate, but wholly understandable, that the new software operators do not wish to continue accepting American depositors.