AUSSIE ONLINE GAMBLING GROUP SEEKS MORE CAPITAL
16th March, 2016 at 07:53:08
Favourit online sports betting and casino enterprise launches A$6 million ASX listing through a reverse takeover.
The Australian online gambling company Favourit Global has launched a public offer through a reverse takeover of Australian Stock Exchange-listed Celsius Coal in a bid to raise up to A$6 million.
The proceeds from the offer will be used to continue building the company's online sports betting and casino operations, which since launch in 2014 have expanded to the UK and Europe through licensing obtained in Britain, Ireland, Malta and Curacao.
The company's marketing focuses mainly on younger, socially savvy internet and mobile punters, and has developed its own unique platform, although the online casino offers games from Microgaming and NetEnt.
In 2014 the independent assessment of Global Betting and Gaming Consultancy was that the UK online gambling market alone was worth Euro 10.3 billion a year, and continues to grow driven by the increased adoption of mobile platforms - a key growth target for Favourit given the company's focus on younger socially savvy punters.
The funds raised will be utilised for marketing and customer acquisition in order to grow Favourit's international business; the company claims that its proprietary platform has demonstrated strong growth on key operating metrics since its UK launch.
On relisting, Celsius Coal will be renamed Favourit Ltd under the guidance of an experienced board of business executives and technical/gaming specialists:
Chairman Martin Dalgleish has more than 30 years of executive, director and chairman experience working with leading global brands including PBL, Optus, IBM, Dixons, PepsiCo and the Rank Group, and has served on the boards of Foxtel, Fox Sports, PBL Media, Ticketek, Ninemsn, Hoyts Group, Carsales, Seek and Betfair
Founder and managing director Toby Simmons has management experience in digital companies over 8 years, and was a core part of the team responsible for the initial concept at incubation stage of Favourit.
Non-executive director Dennis Verrios has been involved in information technology, media and gaming businesses for over 25 years. Dennis was the CEO of Agility Interactive where Favourit was originally conceived and developed before being acquired by the current entity in a management buyout.
Celsius Coal has released a prospectus for a public offer of up to 30 million Shares at an issue price of $0.20 per share to raise up to A$6 million with a minimum subscription of A$4 million.
Related News Tags: Microgaming, Netentertainment, Australia, Betfair