Shares in online gaming operator bwin.party gained 2.84 per cent Friday after Numis Securities issued a note suggesting that the company's constituent parts could be sold off at twice the value of the company's current market capitalisation.

"It is hard to carry on trusting that good fortune is going to turn bwin.party around," Numis said in the note. "The alternative would be to crystalise value by selling off some of the Group’s assets."

The broker identified a number of business segments that could be sold off to release value, including bwin.party's non-regulated business; its Italian, French, Spanish, German and UK businesses; its bingo business; the payment processing division Kalixa; the US poker business and WPT; and its Playtech casinos.

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