Sportingbet to list on the main market

ONLINE gaming firm Sportingbet yesterday confirmed plans to move its shares from the Alternative Investment Market (AIM) to the main market in London next month.

The move represents a milestone for the industry which has been hit by tough regulation in the US.

Sportingbet plans to list on the main market on 14 May.

Sportingbet, which posted a seven per cent rise in profits last month and takes 90 per cent of its bets in Europe, is hoping for a boost in turnover from the World Cup in South Africa this summer.

The technological advances on the web have fuelled a massive increase in the number of online gamblers across the globe.

“The official list is the most appropriate platform for the continued growth of the group by increasing Sportingbet’s profile, assisting in the liquidity of the company’s shares and providing a greater range of potential investors,” chief executive Andrew McIver said.

He added: “The results are very pleasing. particularly given the recessionary backdrop in many of our markets.”

Shares in the online gaming company rose three per cent to 76.25p yesterday, valuing it at more than £370m.

The current value of the company could see it enter the FTSE 250.