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Tuesday 26th July 2005

Ultimate Bet Lays Out Its Float Plan

The operator of Ultimate Bet is gearing up for a £200m flotation just weeks after larger rivals PartyGaming and Empire Online made their stock-market debuts.

Excapsa, which runs Ultimate Bet, has hired Canaccord Capital to advise it on the possible listing. It hopes to raise almost £30m from the flotation and the company, headed by chief executive Jim Ryan, would be valued at between £145m and £200m.

The site, launched five years ago, has its gaming license in Kahnawake, Canada. It is the seventh-largest poker room on the internet, according to Pokerpulse.com, which monitors poker sites. It has recently launched in the UK under the Ultimate Poker brand.

The City appears to have an insatiable appetite for poker stocks, following the purchase of ParadisePoker last year by Sportingbet, the online gambling group, as well as the Party and Empire flotations.

Source: OnlineCasinoNews

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