32Red bought the Bet Direct business from Sportech in May 2006 for £12.5m.
It is now thought to be on the block for just £6m. The Bet Direct operation could fetch just £6m in the next few weeks, valuing the business at less than half of the price it was sold by Sportech for in May of last year, according to Egaming Magazine.

Boylesports heads the list of likely buyers, though Stan James and Chronicle bookmakers are thought to be in the frame.

Chronicle is half-owned by Dermot Desmond, the Irish billionaire and the owner of Betdaq. Stan James is a Gibralter based sports book operator with a significant Uk high street heritage. 

32 Red confirmed a fortnight ago it was in talks to sell Bet Direct business just a few months after it had relocated the business to Gibraltar.

32Red confirmed it was in talks over potential sale of the BetDirect business on the 20th September 2007. Online gaming company 32Red PLC was forced to confirm this in response to recent press speculation about the fact it was in discussions concerning a potential sale of its BetDirect business and added that shareholders will be updated as appropriate.

Since then the Company has been forced to suspend its AIM shares whilst it updates its accounts in light of this proposed transaction.