Shares in 888 began trading this morning following the IPO of the online casino. The share price was set at 175p valuing the gambling operation at £590m ($1.04bn).

At one stage in the run up to the float the company was estimated to be worth between £700 and £800m.

However, the enthusiasm for internet gaming took a knock four weeks ago after PartyGaming, which floated for £4.6bn earlier this year, warned that online gambling would not continue its current rapid growth. As a result, its shares tumbles by around a third triggering a loss of investor confidence.

In statement today 888 chief exec John Anderson said: "We have a clear strategy for creating sustainable shareholder value by becoming the market leader in the online gaming industry and continuing to provide our members with a comprehensive range of gaming activities in a secure and trusted environment."

Which is nice. ®