|BETonSPORTS, one of the largest online betting operators, is planning on placing the company on the Aim market. The online gambling company is US-facing, but offshore based and last year generated US$1.2 billion worth of bets from its US members. The company is licensed and operates under the laws of Antigua Barbuda, and has its financial transaction managed by a UK based company.|
The company should raise £54.6million through the placement on the market, which would allow the company to consider expanding via acquisitions of other companies. Chief executive David Carruthers explained that the acquisitions they would make would ideally be in other locations.
The share price is set at 140p, with the total value of the company therefore being set at £114million. Carruthers released the following statement explaining the motivation behind the move: 'The worldwide online gambling market was estimated to be worth in the region of $5.7billion in 2003 and we believe that the immediate future will be a very exciting period for BETonSPORTS and the market in general.”