Melbourne-based betting and gaming company Favourit Global Pty Ltd. announced today that it has placed a public offer through the acquisition of ASX-listed Celsius Coal in a bid to raise the amount of A$6 million. The gambling company said that it aims at establishing itself as a leader in the international online gambling industry and such initiatives would help it achieve its goal.
Favourit currently holds gaming licenses in the UK, Malta, Ireland, and Curaçao. The company launched a real-money sportsbook in the UK back in 2014. It has also started operating an online casino not long ago. Basically, the gambling operator is focused on capturing the attention of young, socially savvy betting and casino customers and taking a market share with that particular demographic.
The company said that it would use the funds raised through the public offer for various marketing initiatives and acquisition of new customers. It pointed out that since its UK launch, its business has demonstrated a solid growth and is in a good position for further development, especially given the fact that the company is owner and developer of its platform and product offering.
Upon relisting, Celsius Coal will be rebranded as Favourit Ltd. and will be headed by a number of executives with experience in the gaming and technical fields.
Commenting on the initial public offer, Favourit Managing Director Toby Simmons pointed out that they have brought together talented and experienced team with the necessary skills to integrate their product offering in the rapidly growing and extremely dynamic world of online gambling.
Mr. Simmons further noted that the lunch of the public offer has come shortly after his company introduced its online casino to the UK market, with the product exceeding the initial expectations regarding revenue generated by it. According to the executive, the above-mentioned milestones are indicative of Favourit being a “company on the move” and capable to turn into a leader in the global online gaming business.
A public offer prospectus has been released by Celsius Coal of up to 30 million shares valued at A$0.2 per share. Thus, the amount of up to A$6 million is to be raised with a A$4 million minimum subscription.
Favourit has said that although it is now primarily focused on the UK online gaming market, it will also continue introducing its operations to other regulated markets.
