US Furore Won't Stop Global Betbrokers
Published: Tuesday, September 12, 2006 Online-Casinos.com
U.S. FURORE WON'T STOP GLOBAL BETBROKERS
Year old betting company continues to push forward with London listing plans
One company unfazed by the furore surrounding the arrest of the Sportingbet chairman this week is Global Betbrokers. In the midst of dipping share prices, it announced this week that it intends to press ahead with a London listing. The company, which has been taking bets for just on a year, says its float is expected to value the group at between GBP 30 million and GBP 40 million, and that marketing is expected to begin within the next two weeks.
Derek Tullett, the founder of Tullett & Liberty, the money broking firm that was bought by Collins Stewart in 2004, is a non-executive director of the company. Brian Kaye, the former chairman of the Fimat futures brokerage business, is also on the board.
The company places big bets for high-rolling punters, using a number of bookmakers and online betting sites to find the best odds. Analysts say the business model is similar to money broking. HansonWesthouse has been appointed to run the float.
A source close to Global Betbrokers said: "We're not at that point where we've done so much work that we can't pull out, but we're planning to go ahead in any case. The sector may have been hit, but this business has no US exposure so there's no reason why it should be affected."
