PUNTERS who staked money on the business skills of Damian Aspinall, son of the late legendary gambler John Aspinall, today discovered a painful truth: the casino doesn't always win, writes Patrick Hosking.

Businessman and socialite Aspinall, 43, today tabled a bid of just 0.17p per share to take the web-based casinos business Aspinalls Online private.

That compares with a price of 15p when he raised 42 million in May 2001 to bankroll the venture, which enabled people to bet on games of roulette, baccarat and blackjack at the click of a mouse.

Net cash of just 790,000 remains in the business, which was poleaxed by technology glitches and regulatory problems in the US.

Independent valuers Daniel Stewart Co cautioned that the bid, worth 500,000, might not realise the maximum value for shareholders, who could be better off with a liquidation or trade sale.

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