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Bingo! Stride Gaming aims for £10m on LSE

Proprietary gambling firm responds to consolidation in market.

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Stride Gaming is set to list on the London Stock Exchange in a bid to raise £10m, according to a filing posted by the company.

The British online gambling firm, which specialises in bingo, will begin dealings on May 19 on the exchange’s Alternative Investment Market (AIM) for smaller businesses, as it seeks to respond to growing consolidation in the industry.

Nigel Payne, non-executive chair at Stride Gaming, said: "We feel this is an opportune moment for a scale bingo-led operator to come to AIM to capitalise on the opportunities afforded by the regulatory changes, which is forcing consolidation in the industry, to grow organically and through acquisition."

Stride owns a number of online bingo and casino brands that it developed itself including Kitty Bingo, Jackpot Café, and Magical Vegas, and had previously operated as a white label software firm called GlobalCom.

As of the end of March the firm claimed to have 1.6 million registered players across its services, of which 278,000 are active, with the company having added 400,000 registered members since the start of 2014.

"Our business is profitable, established and run by a highly experienced and proven management team," Payne said. "Today’s news marks an important step in our aim to become the market leader in online bingo."

Bingo-led sites generated £475m in net gaming revenue during 2013, growing 7.8% year-on-year, according to the details on the filing.

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However the document also reported that growth is set to slow to a "more modest 2.7%" this year, and 3.6% the following year.

"Players consider online bingo sites as entertainment and that overall enjoyment is a stronger driver to play compared with the potential to win money," it said.

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