There are more than enough online bingo sites to go around right now with some struggling to stay afloat so it came as some surprise when MTV announced their intentions to open their own online bingo site.

The name of the MTV site is Up Your Bingo and is run by 888’s Dragonfish Division so it will utilise the same software as sites such as Foxy Bingo and Wink Bingo. With the games being networked, players won’t have to wait for the rooms to grow and become better established as they will already be heavily populated. The target audience are the UK and Irish and there will be advertising campaigns on MTV’s VIVA music channel.

New members that join the new Up Your Bingo site will receive 20 free bingo tickets upon sign up plus 100% cash match on first deposits. There will also be a re-deposit bonus of 50% on all future deposits made and a loyalty scheme in place to reward regular players.

Acting Manager and CEO of Dragonfish, Gigi Levy said; “As a leader in the field of gaming software and services we wish to form partnerships with market leaders from other business sectors seeking to monetise their assets. MTV Networks is an internationally renowned brand, and we are proud to launch their first entry into online gaming. The strength of Dragonfish’s bingo product offering, coupled with MTV Networks’ marketing reach, provides an exciting platform from which to build a successful partnership.”

Philip Bourchier O’Ferrall the Senior Vice President of Digital Media, MTV Networks International said; “We are delighted to have agreed this new deal with Dragonfish which marks our very first online gaming initiative. At a time when the market for online games and virtual worlds is continuing to grow, collaborations such as this one provide responsible and enjoyable gaming opportunities for our audience.”

As this info was released 888 shares hit new lows with the share price sitting at 34.5 pence which was down from a 52 week high of 121.5 pence. This is much less than April 2006’s high of 240 pence a share. 888 is said to be worth £119.5 Million and it is thought there may be takeover attempts in the near future.