Australian Online Casino Fortunes Rise
Online casino and sports betting firm Bet Corp is raking in the profits after its successful floatation on the London Stock Exchange. The online casino company’s stock is trading at its highest levels in over two years and recently closed at a record value of $5.86 per share. Less than three months ago the online casino operator’s shares were valued at low $2.70.
So how has this intrepid Australian online casino firm risen to today’s heights? Bet Corp commenced trading on London’s Alternative Investment Market in early March and quickly offered investors a ten for one share consolidation. The decision to go public on the AIM followed the online casino firm’s report that its stock was undervalued on the Australian Stock Exchange. The online casino firm compared itself to its peers already listed on the AIM and decided to follow suite.
The company also conducted a £3.4 million capital raising at £2.25 a share earlier this month for “corporate and working capital purposes.” Its 1.6 million online casino shares have been sold to private investors and several well known financial institutions with substantial investments in the online casino industry.