Betcorp Eye Up a Flotation
Online casino and sportsbook company Betcorp Ltd, which is currently listed on the Australian Stock Exchange as BCL, released a press release saying that the firm is looking into a possible listing on the London Stock Exchange. In February 2005, Betcorp acquired Sinsational Intertainment Inc, and Sinsational has been fully integrated with the existing Betcorp company. As a result, Betcorp profits increased, allowing the company to consider the dual listing.
Net profits for the first half of 2005 reached $1.9 million, compared to a loss of $2 million in the first half of 2004. Growth in online casino and sportsbook operations has been exponential, and online poker has yielded rakes of over $645,000.
According to Betcorp, the main factor in determining whether to double-list is what is best for current stockholders. Earnings have increased tremendously, and an offering on the London Stock Exchange could benefit the company greatly.
OnlineCasino-News.com - 2005-09-01 10:38:28