UK IPO Probably For Probability Games

Published: Sunday, May 14, 2006 Online-Casinos.com

UK IPO PROBABLE FOR PROBABILITY GAMES

Evolution appointed as lead broker on run-up to a public listing

The CEO of UK-based skill games operator Probability Games, Charles Cohen this week disclosed in an interview with EGR that his company was planning to go public on the London Exchange later this year.

Cohen said that the IPO could value his company as high as GBP 30 million, and that he had appointed brokers Evolution to guide him on a possible AIM IPO tentatively scheduled for September 2006.

Probability Games hopes to raise GBP 10 million to fund further expansion, including promoting its payment-processing business, Cashish.

"I cannot say exactly when we will float, but definitely this year" said Cohen. "There has been lots of interest. A lot of interest remains in gaming and mobile applications generally."

Graham Parr has joined the Board as chairman, says Cohen: "He was a founder and chief executive at Arena Leisure. He has a formidable reputation in the City of London and has a solid background in the betting and gaming industry" he said.

Probability recently won the first mobile gaming (m-gaming) licence issued by Alderney in the Channel Islands (see previous Online-Casinos.com & InfoPowa reports) and has reported up to 10 000 customers playing its various products each month. "We have a turnover of around GBP 1.5 million a month, and that is growing fast" he added.