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London IPO for Australian Online Casino

Bet Corp, an Australian based online casino and sportsbook company, goes public on London AIM stock exchange. As a result, the online casino group’s shares rose 8%. Online casino group Bet Corp, has announced that it is going to be joining other online casino sites that have made their mark in London and will be floating on AIM. Bet Corp online casino group is already listed on the Australian stock exchange but the company said that they felt that their stocks were undervalued on the Australian markets and they were confident that they could get more for their shares in London.

Bet Corp is an online casino group which provides its customers with a wide range of betting and gaming products such as sports betting, casino games, poker and skill games. The attractive feature of Bet Corp is that all of its online casino and games sites offer a shared-purse option. This feature allows the customers to use one account name and number and to control the winnings and bids in one centralized account on all the online casino group’s sites.

Bet Corp’s strategy is to provide its customers with a ‘one stop and shop’ online casino group that allows players to have total money management which is an essential part of successful online casino gambling. The strategy seems to be working because in 2005, Bet Corp achieved gross revenues of US$29.4 million on betting turnover of US$825.0 million and a profit after depreciation, interest and taxation of US$4.3 million. In a positive sign, the company’s Australian shares rose 8% after the announcement.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.