International law firm DAC Beachcroft has advised long-standing client Probability Plc on the mobile gaming specialist's first placing of new shares in three years.

AIM-listed Probability, a longstanding client of the firm, has raised £2.8 million before expenses via the placing of 4,421,875 new Ordinary shares, the proceeds of which will be used by the company to pursue further growth in its B2C business in the UK and to continue to develop its B2B business in the UK and Italy.

Probability is a mobile gambling specialist which is benefitting from the increased penetration of smartphones and the growing number of regulated global markets permitting remote gambling services. This placing marks the latest in a string of instructions for DAC Beachcroft, which also advised the company on last year's acquisition of Playyoo SA, a Swiss-headquartered mobile gambling technology developer.

Charles Cohen, Chief Executive of Probability, said: "This was the second fundraising on which DAC Beachcroft has advised us and the service provided this time round was of the very high quality we've come to expect."

London-based Corporate Finance Partner Steven Raize led the team for DAC Beachcroft with support from Associate Michelle Jones and Lucy Tyrrell.

Commenting on the deal, Steven Raize said: "We are delighted to have advised our longstanding client Probability on another successful placing. This instruction allowed us to capitalise on our ability to fully service the needs of our clients and is testament to our reputation as an adviser to AIM-Listed companies."

Numis acted as nomad and broker to the company.

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