GameAccount Network raises stg£22.2m from institutional placing

20 Nov 2013

Dermot Smurfit, CEO of GameAccount Network ,and Desmond Glass, chief financial officer of GameAccount Network

Dermot Smurfit’s casino technology company GameAccount Network has closed an institutional placing of its shares on London’s AIM and Dublin’s ESM index, raising stg£22.2m in funding.

GameAccount Network, which is backed by Michael Smurfit and Dermot Desmond, has struck some significant deals in the US casino market, including Mashantucket Pequot Tribal Nation (MPTN), the owners and operators of the Foxwoods Resort Casino, to develop play-for-fun games on the internet.

The US online gaming market represents a significant opportunity for the company. It is estimated that regulated intra-State real-money online gaming revenue in the US will grow from US$668m in 2014 to US$8bn in 2018.

GameAccount Network expects to be admitted to the ESM market of the Irish Stock Exchange on 25 November, under the ticker symbol GAME and ISIN code GB00BGCC6189.

Davy is acting as nominated adviser, ESM adviser and broker to GameAccount Network.

On admission, at the placing price of stg£1.35 (€1.61), the company will have a market capitalisation of about £75m (€90m).

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years