Centrebet IPO Hopes To Raise $53 Million

Published: Thursday, June 01, 2006 Online-Casinos.com

CENTREBET IPO HOPES TO RAISE $53 MILLION

Aussie sports operator looking for a market valuation of A$174 million

Australia's Centrebet Pty. Ltd., is looking to launch its London IPO on June 12th to raise A$70 million ($53 million).

The online wagering and gaming company plans to sell new and existing shares in a move it hopes will give it a market value of A$174 million.

The stock is being offered at a fixed price of A$2.00 each, and a total of 35.11 million shares, representing 40 percent of the expanded share capital base, is being offered in the initial public offer.

The proceeds would be used to pay existing debt, to pursue future growth opportunities and to attract and retain talent, the company said in a statement.

Centrebet has 60,000 active customers across Australia and Europe. The total global interactive wagering and gaming revenue is forecast to touch $25.2 billion by 2010, growing at a compounded annual growth of 14.1 percent.

Australia has some of the highest incidences of gambling and Internet use in the world. A government report in 1999/2000 showed that about 40 percent of the country's population wager every week -- the highest rate of gambling in the world.