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Australian Online Casino to Raise $53 Million

An announcement by Australian sports betting agency and online casino firm, Centrebet this week has indicated that the firm is striving to achieve a market valuation of A$174 million. The online casino firm from Down Under is looking to go public on the London Stock Exchange on June 12th and hopes to raise $53 million by selling new and existing shares to investors. The online casino company has indicated that the proceeds from the sale will be used to pay existing debts and to attract talented players in the industry to the firm’s board.

The online casino stock is being offered at a fixed price of $2.00 Australian each. A total of 35 million shares will be up for grabs in the initial public offer, representing 40 percent of the expanded share capital base. Interested investors keen to find out more about Centrebet are aware that the online casino firm boasts approximately 60,000 active customers across Australia and Europe. The firm receives very little business from the U.S., making it an attractive investment opportunity for those concerned about potential future U.S. legislation affecting the online casino industry.

The online casino firm’s decision to go public is expected to encourage several more Australian operators to do so in the near future. Australia has some of the highest incidences of online casino gambling and internet use in the world. A government report in 1999/2000 showed that about 40 percent of the country’s population wager every week, which is the highest rate of gambling in the world. In the last two years, a rapidly increasing percentage of these have begun wagering online.

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.

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