THE BOOM in gambling at home via the internet is likely to boost the value of the world's biggest online casino to more than Pounds 700 million when it floats in London this month.
The float of 888, which trades as casino-on-net.com and reefclubcasino.com, follows hard on the heels of the debut of PartyGaming, the world's biggest operator of online poker, whose move on to the London market saw it valued at more than Marks Spencer or BAA.
Profits are soaring at 888. It announced pre-tax profits more than double last year's at $41 million (Pounds 22.5 million) and profits before tax earnings in the first half of this year are a third higher at $24.5 million.
Chief executive John Anderson, formerly of High Street betting giant Ladbrokes, said 888 concentrates more on online blackjack and roulette, which he believes still has several years of large growth.
The company is also the world's fourth largest poker room operator.
The float, which is likely to take place at the end of the month, will see the Israeli founders of the Gibraltarbased company reap a Pounds 200 million windfall. The Shaked family owns about 70% of the business. A further 20% is in the hands of the Ben-Yitshak family.
"Floating 888 will not only enhance enhance our profile but also our credibility and the important 'trust-me' factor," said Anderson.
The company has appointed former Ladbrokes senior lawyer Marie Stevens as its chairman.
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