Crystal Gaming Group to float on London\’s AIM

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As reported by The Sunday Times, the Isle of Man-based group appointed investment bank Seymour Pierce to advise on a possible £140m listing.

The company, which claims to be the third-largest online casino operator on the basis of the number of visits to its sites, made a pre-tax profit of £20.4m in the 12 months to June 2005 and will use the money raised from the float to develop an online poker business.

Seymour Pierce is confident that the fact the management are not selling shares will attract investors despite a growing scepticism surrounding investments in online gambling firms.

However, Crystal Gaming and its owner, Warren Cloud, have a chequered history in the online gambling business as the group\’s casinos are the source of frequent players complaints in the various online gambling fora.