According to a report from Reuters UK (www.reuters.co.uk), online casino 888.com might be joining the numerous firms currently profiting from the Internet poker boom by listing this year with a valuation of about $1.6 billion (830 million pounds), the company's chief executive told the news wire service.
Cassava Enterprises, the owner of 888.com and one of the world's biggest Internet gambling groups, has hired Credit Suisse First Boston to prepare the flotation, expected later this year.
"We have appointed CSFB to look at a whole range of options for us, one of which obviously is an IPO," John Anderson, chief executive of 888.com told Reuters on Wednesday. "If that option was chosen it would be London. The logic for London I think is that the business is much more institutionally accepted in the UK than anywhere else and therefore the value should be higher."
According to the report, London is quickly becoming the de facto listing center for Internet gambling companies, for the most because online gaming is strictly regulated in the United States but welcomed in Britain - however, most players are in the States.
Swift industry expansion, aided by superior broadband access and the convenience of playing at home, has fueled revenue growth at the companies hosting the sites.
In January, the world's biggest online poker company, PartyGaming, said it was considering a listing that would value it at over 3 billion pounds, which would make it one of London's largest share listings for over three years.
Though difficult to estimate, the online gambling market is set to grow to over $10 billion a year.
