Online Casino Developer Listed on London AIM

AsianLogic Ltd an online casino developer has been listed on the Alternative Investment Market (AIM) in London. This makes it the first major Internet gaming company to make the list since the U. S. passed the UIGEA and crippled companies like BetOnSports, Sportingbet and Party Poker.

Thomas Hall who was a former Playtech executive and now founder of AsianLogic Ltd made the initial public offering last week to the London Stock Exchange. The company raised $81.17 million to fund its expansion plans and floated with a market capitalization of $245. The expansion money is to capitalize on the growing popularity in Asia and the continued penetration of the Internet.

Though 75% of their revenue comes from online casino games, the company does own a small chain of sportsbetting shops in the Philippines with the majority of clients being from Malaysia and Singapore.

Hall states, "'I've been involved in a couple of listings and, in what was a pretty tough market, we got support from a wide range of institutions. Asia is growing rapidly as a gaming environment both on land and online and we are one of the first major online gaming groups in Asia."