Trafalgar Betting & Gaming Prepare for IPO – August 17th, 2005
Trafalgar Betting and Gaming operators of the popular Online Casino 32Red based in Gibraltar, are preparing for a $145 million IPO on the London Stock Exchange. 32Red Casino has been operating since the spring of 2002 and primarily targets the UK Online Casino Market. Utilising Microgaming software, 32Red has become renowned for it’s excellent Customer Service and no fuss fast payouts.
During the three years Trafalgar Betting & Gaming have been in existence, 32Red have had bestowed on them several prestigious awards – in relation to their excellent customer service, fast payouts and great casino experience they offer their customers.
The valuation would suggest profits in the region of US$7m, and would doubtless act as an incentive for other casino firms to list. Despite a glut of predicted poker firm listings, there are still relatively few casino firms linked with the public markets. The proposed Trafalgar listing will net a US$52m fortune for its co-founder and chief executive Ed Ware, who owns a 36% stake in the firm.
Headed up by the former Managing Director of Ladbrokes International, Chief Executive of Trafalgar – Ed Ware and his dedicated team have made 32Red a major player in the lucrative Online Casino Market. The valuation of Trafalgar Betting & Gaming and the subsequent floatation on the London Stock Exchange will enable 32Red to continue to grow at it’s impressive rate. In addition it will enable Trafalgar to compete more aggressively in what is a very competitive but lucrative market.
The expected floatation of Trafalgar follows that of PartyGaming who floated on the London Stock Exchange back in June this year. Online Gambling continues to be the fastest growing business on the Rock of Gibraltar, with Cassava who operate 888.com also expected to be floating later this year.
