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IGH seeks to add websites to online gambling network
Gautam Malkani, Media CorrespondentPublished: November 3 2003 4:00 | Last Updated: November 3 2003 4:00
Interactive Gaming Hold-ings, an e-gaming portal, will today announce a flotation on Aim to help it add more websites to its network of online gambling and betting operations.
The company will also announce the acquisition of Gambling.com, which made £1.6m in pro forma earnings before interest and tax in the year to June 2003.
IGH’s aim is to become a one-stop destination for online betters and it already controls a network of more than 1,100 gaming related portals, operational casino and bingo sites.
The company will use “white label” e-gaming contracts, whereby other operators permit the company to present their websites as its own and where IGH shares in the revenues that are generated.
The flotation of half the company is expected to raise about £8m.
About £500,000 of the £4m flotation proceeds will be used as the cash element of the £2.5m being paid for Gambling.com.
IGH is a new company, which was established to acquire other e-gaming websites, and it hopes to benefit from high-profile domain names to attract advertising revenue.
The management team will be headed by Craig Marshak, a former director at Schroders.
He is also the co-founder of CV Holding, the developer of the BetheDealer casino gaming platform.
Mr Marshak will be executive chairman, while Thomas Taulé will be the company’s managing director. He was former chief executive and co-founder of iSleuth.com, a Nasdaq-listed search engine company.
Mr Taulé said: “We’ve created a prime vehicle to move forward and embark on consolidation within the sector.”
The listing is being handled by Insinger de Beaufort, the company’s nominated adviser. Seymour Pierce, the company’s broker, is acting as bookrunner.
