Online Casino Firm Goes for Second Floatation
Australian sports betting and online casino firm Bet Corp has followed up its successful Australian listing by choosing to float stock on the London Alternative Investment Market. The online casino firm saw its shares increase by eight points last week following its decision to float on the AIM. A Bet Corp spokesman has since stated that the second public listing was initiated after discovering that the online casino firm’s shares were undervalued in the Australian market.
Bet Corp’s strategy for success has been to build on its reputation for being a “one stop shop” for customers to enjoy a wide range of games at online casino sites. While sports betting is currently the firm’s largest business, increases in online casino revenues indicate that sports betting will account for approximately half of the gross revenue in 2006. This represents a substantial decrease on the 2005 figure where sports betting provided 64 percent of the firm’s revenue. The new result was welcomed enthusiastically by the firm which has been keen to develop its online casino business for over a year.
In an attempt to win even more online casino fans to its site, Bet Corp has introduced a suite of skill games featuring gin rummy and backgammon. These games are subject to fewer advertising restrictions in the U.S. than sports betting or poker. The firm plans to introduce additional games at a later date and will be focusing on cross-selling games at its three online casino sites to its pool of dedicated sports betting fans.