SportingBet To Float On London Stock Exchange
16th April, 2010
Online gaming operator sportingbet has confirmed that the company will be moving its shares from the Alternative Investment Market (AIM) to the main London Stock Exchange (LSE) next month.
This marks a major milestone for the industry, and the company plans to list on the main market on 14th May.
Sportingbet recorded a 7% rise in profits last month, taking 90% of the bets made in Europe. The company hopes for a boost in turnover from the South African 2010 World Cup in June.
Fantastic technological advances on the internet have clearly fuelled a massive increase in the number of online gamblers across the world.
“The official list is the most appropriate platform for the continued growth of the group by increasing Sportingbet’s profile, assisting in the liquidity of the company’s shares and providing a greater range of potential investors,” chief executive Andrew McIver said.
He continued: “The results are very pleasing, particularly given the recessionary backdrop in many of our markets.”
As a result, shares in the online gaming company rose 3% yesterday to 76.25p, valuing the company at over £370m. This value could see the company enter the FTSE 250.
By Faye
