Online casinos to float on stock market
by brian_turner
Two online gaming companies, PartyGaming and Empire Online, are planning to float on the London stock market.
Gibraltar-based PartyGaming, which offers PartyPoker virtual poker tables, Starluck Casino and PartyBingo, expects up to 23% of its existing shares to be offered for sale at the end of June – giving an estimated market capitalisation of $10 billion.
According to PartyGaming, it chose London for its listing because “London is the stock market which best understands the online gaming marketplace.”
Empire, an online poker services, plans to list on the smaller AIM market on 15 June.
Online casinos are very popular in the United States, but due to stringent regulations in the US, prefer to base their operations in countries with more liberal approaches to gambling. Gambling companies’ shares cannot be offered on US stock markets.
Sportingbet has already listed in London and Paddy Power, William Hill and the Ladbrokes division of Hilton have online gaming operations.
Cassava Enterprises, which runs Gibraltar-based online casino, 888.com, is also expected to list in London later this year. It is preparing for a flotation and has been valued at approximately $1.6 billion.
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