The idea behind the listing is not to raise money, as it is already quoted on Nasdaq and the Toronto Stock Exchange. However, it believes the UK offers the right environment because of the unparalleled growth of the UK gambling market as well as the general understanding which UK investors have of the growth opportunities of this market, the company said in a statement.
Expansion in the US is problematic due to the tightly controlled and regulated environment in which it is forced to operate. The UK now accounts for 30% of its business, after revenues doubled from 15% to 30% as a proportion of worldwide revenues. Customers include William Hill, Littlewoods Gaming, The Ritz Club London Online, and ukbetting.
The company has no debt and a cash balance of $60m. Its software has processed more than $12bn in secure online wagers for 1.5 million players in 240 countries worldwide.
Source: ComputerWire
