Online casino 888.com prepares for flotation - Saturday 12th of March 2005

Online casino 888.com, known also as Casino On Net, has been recently reported to plan its floatation later this year. The sources close to the company unveiled, that the listing was projected with a valuation of about $1.6 billion.

One of the world's leading e-gambling groups Cassava Enterprises, which owns 888.com, has hired Credit Suisse First Boston to prepare the flotation, reported Reuters. Gibraltar-based gambling operator didn't released any official statement regarding the flotation.

However, the media is speculating that the group is likely to list the e-gambling website in London, which has become the listing hub for Internet gambling operators. Besides, The UK provides  a favourable ground for gambling companies unlike the USA that strictly regulates this kind of activity.

According to 888.com, the number of online gamblers in the UK has increased more than six times in the last year. The recent studies revealed that e-gambling industry had grown to $9.2 billion globally since its birth in 1995 and is expected to produce a 22 percent compound annual growth rate between 2003 and 2008, driven in particular by poker.

The floatation of Casino On Net is not a unprecedented event. Earlier this year the media  PartyGaming announced its listing plan that would value it at over 3 billion pounds, becoming one of London's largest share listings for over three years.

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