The Treasurer for the UK’s Conservative Party, Michael Spencer, has purchased nearly 3.4 million shares in mobile betting technology firm Probability to take his total holdings to 15.8 percent.

Spencer is also the founder and Chief Executive of ICAP, the world's largest inter-dealer brokerage company, and owns spread betting firm City Index. The $3.31 million purchase was through investment group IPGL, in which Spencer’s family are majority shareholders, with net proceeds used to provide working capital for Probability to help grow its mobile gambling services. As part of the deal, IPGL Director Matthew Wreford will join Probability’s Board as a Non-Executive Director.

IPGL's gaming portfolio also includes Money Gaming Corporation, casual gaming site Doof.com and horseracing data provider Turftrax. It also previously invested in online bookmaker Blue Square before its sale to the Rank Group in 2003.

'I am confident that Probability can be a major player in one of the most exciting growth areas in the gaming arena over the next decade,' said Spencer.

“I feel it is a massive vote of confidence as he has a reputation for spotting business opportunities early,” said Charles Cohen, Chief Executive Officer for Probability.


Source: iGamingBussiness.com