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Mobile operator Probability has raised £2.8m through a new share placing, and will invest the proceeds in marketing its LadyLuck’s mobile casino brand in the UK.
The London-listed operator and B2B provider said the issue of more than four million shares had been oversubscribed among new and existing institutional shareholders.
CEO Charles Cohen said he was “delighted” with the response to the issue, and said the funds would be used to accelerate marketing investment for its core LadyLuck’s B2C brand in the UK “and build on the momentum we have achieved to date.”
Cohen said that any remaining proceeds would be used to support the continued expansion of its B2B business in UK and Italy.
Probability supplies white labelled versions of its mobile games to operators such as Paddy Power and William Hill in the UK, and also provides games to companies in the dot.it regulated Italian market via its Playyoo subsidiary, acquired last year.
The company struck a deal earlier this month via Playyoo to provide its mobile casino games and slots to Italian market leader Lottomatica.
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