|CryptoLogic, the Canadian online gambling software company, is to list on the London stock exchange. CryptoLogic says this is due to the UK's position as 'the centre of the universe as far as regulated online gaming is concerned'.|
The company - already quoted in Toronto and on Nasdaq, is the world’s largest listed Internet gaming software company, with a market capitalisation of $120 million (£71 million).
However, due to Kyl et al making the US an increasingly hostile place for online gambling, 30 per cent of its business is done in the UK.
'We believe the UK's world-class regulatory environment is what is needed to bring the sector into the sunlight globally,' Lewis Rose, chief executive, said.
Rose said the London listing isn’t aimed at raising funds – CryptoLogic has no debt and a cash reserve of $60 million. But turnover in the UK now accounts for 30 per cent of CryptoLogic’s global revenues, a 100% increase from 15% previously.
Some of CryptoLogic’s UK clients include William Hill, Littlewoods, UKbetting and The Ritz London Online Casino.
Meanwhile, news of a quarterly dividend - rare as a Royal Flush among online gaming companies - sent the shares of gambling software company CryptoLogic Inc. climbing 4.9 per cent in trading on the Toronto Stock Exchange Friday.