UK firm CES Software Ltd to list on AIM

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Monday November 3, 10:13 AM
UK online betting software firm CES to list on AIM
LONDON, Nov 3 (Reuters) - A British firm providing technology that powers Internet betting said on Monday it intended to list on London's junior Aim market later this month.

CES Software Ltd said it hoped to raise five million pounds ($8.47 million) to commercially develop its person-to-person betting exchange, which eliminates "bookies" by allowing participants to place online wagers against each other with real-time odds.

The firm, which lists its clients as BETandWin.com Interactive Entertainment AG in Europe and the UK's Betmart, said it expected to be valued at about 20 million pounds.

Canccord Capital (Europe) would act as adviser and broker.

"Since the formation of this business in 2002, CES has developed a robust, secure and P2P exchange betting technology that provides a marketplace and trading system through which individuals can place and lay bets with each other," Chief Executive Lorne Abony said in a statement.

CES said online gaming was expected to show explosive growth, with Merrill Lynch (NYSE: MER - news) predicting online sports betting would be worth $85 billion by 2008.

Several Internet gaming companies have listed in the UK recently, including TradingSports , ukbetting Plc and William Hill (LSE: WMH.L - news) , Britain's second-biggest betting shop chain which offers online gambling alongside its traditional high street betting shops.
 
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