GameAccount Listing On The Cards

Published: Tuesday, October 11, 2005 Online-Casinos.com

GAMEACCOUNT LISTING ON THE CARDS

Skill games supplier GameAccount joins the IPO rush

The British media reported this week that skill games provider Gameaccount may join the growing number of listed internet gambling companies by the end of the year with an IPO on London's AIM market.

Founded in 2001 by Dermot Smurfit, part of the Irish Smurfit family, Gameaccount is expected to appoint advisers this week to help raise under GBP10 million ahead of a GBP100 million float.

The group, which allows players to win cash prizes by playing online skill games such as cards, puzzles, golf and darts, is also close to taking over an as yet unidentified international rival, it announced. FUNTech in Canada could be a target, sources said.

The online gambling IPO scene is becoming increasingly complex as more companies decide to go public.

Recently the CEO of Party Gaming, which listed in June raised concerns with an observation that the massive online poker sector, which has driven much of the investor interest could be slowing down.

Party Gaming shares slid (now down by almost 40 percent off the listing price) and there is a belief that subsequent listings such as Trafalgar Gaming and 888.com were affected. Rival Empire Online suffered a decline, too and recently added to the pessimism by revealing in its reportage that overall the gaming business was flat over the past three months.