Online gambling casino operator 888 Holdings Plc, is planning to sell approximately $500 million of its stock in an initial public offering. Do do so, its owners cut their stakes to tap request for online gambling companies.

The casino company has appointed HSBC Holdings Plc to operate the sale. 888 is based in Gibraltar and is estimated to worth around $1.5 billion when it sells its shares in London on the LSE this month.

The online gambling industry is heading towards a doubling of its ($12 billion) revenue at the current rate of growth. At this rate, the industry stands to be worth $24 billion in the year 2010, just 5 short years away. More ans more, online gaming investors are betting (no pun intended) that growth will outweigh regulatory concerns in the US, where online gambling is prohibited.

888 Holdings, which plans use its listed stock to pay for acquisitions, something the company has not done as of yet.

Like most of the other online gaming companies that have gone public, 888 wants to be an industry leader by raising capital to move into the next phase of online gambling, an industry which doesn't seem to be waivering.

Shares go on sale to money managers mid-month. Public offerings should take place by the end of September.