Ultimate Bet lays out its float plan

[mary]

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July 24, 2005

Ultimate Bet lays out its float plan
Matthew Goodman


THE operator of Ultimate Bet, one of the worlds leading on-line poker firms, is gearing up for a 200m flotation just weeks after larger rivals Party Gaming and Empire Online made their stock-market debuts.
Excapsa, which runs Ultimate Bet, has hired Canaccord Capital to advise it on the possible listing. It hopes to raise almost 30m from the flotation and the company, headed by chief executive Jim Ryan, would be valued at between 145m and 200m.

The site, launched five years ago, has its gaming licence in Kahnawake, Canada. It is the seventh-largest poker room on the internet, according to Pokerpulse.com, which monitors poker sites. It has recently launched in the UK under the Ultimate Poker brand.

The City appears to have an insatiable appetite for poker stocks, following the purchase of Paradise Poker last year by Sportingbet, the online gambling group, as well as the Party and Empire flotations.

Analysts expect merger activity in the fledgling sector. Last week a Citigroup research note suggested that Party may consider a takeover of Empire.

Meanwhile St Minver, which sets up and runs online gambling websites for third parties, including Yahoo and Virgin, is also working on plans for a flotation. It has appointed Panmure Gordon, the stockbroker, to work on a possible listing, which may happen in autumn.

The companys chairman is Anthony Wollenberg, a gaming industry veteran.

 

[webber286]

Another step in the direction of legitimizing the online poker industry and placing more pressure on the U.S. to reconsider their policies.

 

[mary]

Party Left Kahnawake as a licensing jurisdiction recently for Gibraltar. Wonder if Ultimate Bet will do the same thing.

 

[tryme1]

Well, good luck to them. They've got some good promotional ideas running over here in the UK ...well, London, at least. Ultimate sponsor receipts from taxi companies with a $200 bonus offer. Pretty cool idea, I thought.

 

[dominique]

Party Left Kahnawake as a licensing jurisdiction recently for Gibraltar. Wonder if Ultimate Bet will do the same thing.

Seems that more and more companies are moving to Gibraltar.

There must be a good reason.