Favourit announces $6 million ASX listings plan

Toby Simmons

Australian based, European focussed online betting operator Favourit has announced that it plans to list a public offering on the Australian Securities Exchange (ASX listing).

The listings move comes as the operator completes its takeover of ASX-placed mining firm Celsius Coal Ltd.

Favourit governance detailed that the company aims to raise circa AUS $6 million (£3.2 million) on its ASX placement. The funds will be used to help expand the company’s position and services within the highly saturated online betting sector through new marketing and player acquisitions initiatives.

Founded in 2012, the Melbourne-based operator company has branded itself as a unique socially led online betting operator, differentiating its services by targeting a younger online betting demographic.

To date, Favourit is licensed in the UK, Malta, Ireland, and Curaçao, with the company launching its UK licensed sportsbook in 2014

Announcing its ASX listings plan, Favourit Founder and Managing Director Toby Simmons stated that the company had put together a talented executive team with the experience and skillset to put in place the firm’s ambitious growth plans.

Favourit governance will publish a listings prospectus detailing corporate strategy for growth within the UK online gambling market as well  other regulated markets.

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