888.com joins casino IPO wave with £700m float

Online casino 888.com is hoping to cash in by riding the wave of gambling websites going public.

The site, which is owned by Cassava Enterprises, is expected to IPO on 1 September. The move will value the company at around £700m, according to a report in the Financial Times. Cassava, owned by two Israeli brothers, has a number of casinos in its portfolio, including Pacific Poker.

888.com, reportedly the largest casino by visitor numbers, could net Cassava's CEO some $60m when it floats.

888.com's potential float follows on the heels of its larger competitor Partygaming's own flotation, which valued the company at around $5bn.

Virtual casinos are predicted to grow in revenue by billions before the end of the decade. One aspect of the phenomenon, mobile gambling, will alone be worth $11.2bn by 2009, according to analysts.