Despite the perception that the growth rates in the online gaming world have slowed, Gaming Corporation's broker Canaccord Adams still believes that this gaming tiddler will be able to show revenue growth of over 450% in the four years to September 2008.

Gaming Corp operates gambling.com, a £10m acquisition and apparently the world's leading gaming search engine. This website receives money when users search for particular internet sites and 'click through' to them when their search is complete. Advertisers basically pay to receive higher rankings in the search results. It has about 500 websites linking to it and a database of 200,000 members.

Gaming Corp's other interests include casino.com, a gaming portal (income is generate each time a user clicks on an advertising banner), and various mobile gaming interests with Orange and Vodafone. It also operates its own online casino.

Net revenues (gross revenues minus player wins) in the year to September 2005 hit £3.6m, with pre-tax profits tumbling in at £445,000 and earnings per share jumping to 0.19p. For this year, its broker reckons profits will hit £3.19m, jumping to £6.3m for 2007 and £7.5m in 2008. Net revenues are expected to more than double to £8.2m in 2006 and leap to £16.7m by 2008.

On expected diluted EPS of 0.93p for 2006, the group is trading on a forward p/e of 13 for this year. This is not expensive, especially when one considers the rate of growth expected here, but this is a fast changing and volatile sector and Gaming Corp is one of the smallest listed players. Speculative buy.