Casino mobile gaming firm to launch on AIM

 
Kasmira Jefford
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A COMPANY that makes casino games for smartphones and tablets is poised to launch on London’s junior market with a stock listing.

Twentyfourseven Gaming Group (24/7), which makes mobile version of Black Jack and Roulette, will today announce its intention to float on the Alternative Investment Market, valuing it at around £60m to £70m.

The Netherlands-based company said it plans to enter the market without raising any capital, although it may decide to do so later this year.

Formed in 2010, 24/7 runs two businesses – WannaGaming, the mobile gaming operator it acquired in 2011 and Playlogic, its smaller console video game business.

The group is hoping to tap the booming mobile gaming market, which according to analysts Juniper Research is estimated to generate $100bn (£67bn)  of  annual sales by 2017.

Roger Smit, founder and chief executive said: “The move to list our company on AIM is an important and logical step as we increase our marketing investment in existing markets and expand into new territories. We look forward to a successful future as a public company.”

Twentyfourseven, which declined to disclose its most recent set of financial results, operates in markets such as the UK, Italy and Spain where mobile gaming is legal.

But it said its main focus is now on developing a strategy for exploiting the US market, “if and when online gaming becomes legal there”.

It also hopes to take advantage of real play gaming – where users play with real money – when it becomes legal on games consoles.

Westhouse  Securities, the investment bank, has been appointed to act as nominated adviser and broker to the company on its admission.

It recently bolstered its board by hiring David Mathewson, the former chief executive of rival software gaming firm Playtech.