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Online Casino Issues Stocks
32Red Plc, a UK-based online casino plans to issue stocks on the London Stock Exchange's global market for smaller, growing companies called AIM. 32Red is not the first online casino to attempt such a bold move. Over recent months, a number of online casinos have also tried their luck at the AIM. Friday the 23rd of September marked the first day in which the online casino stocks were traded on the AIM. Dealing commenced at 8:00, in which time the online casino had 47,335,500 shares with a combined market value of 60 million Pounds.
32Red is a popular online casino that has cultivated a strong and loyal following over the passing months. In the six months leading to June 30th, 6.6% of the online casino revenues were comprised of poker, while 93.4% were the product of other online casino games. Ed Ware, CEO of the online casino says, “Our online casino has built a strong reputation in the UK for delivering one of the best gaming experiences available online”.
Ware added by saying, “Our investment in software, fast payment processing, customer service and marketing has paid off and delivered strong revenue growth in a competitive market”. What drives online casinos to go public in the first place? Going public is a great way to generate more proceeds for the online casino. However, not all online casinos which have ventured into the same path made a profit. Some online casinos fell flat on their face, seeing their stock value decrease substantially.
- 29 Sep 2005
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