Evolution Securities is acting as both adviser and broker to the float.

Chaired by Graham Parr – founder and former chief executive of FTSE-listed racecourse operator Arena Leisure – the company is seeking to take advantage of the anticipated boom in mobile gambling.

According to research group Juniper, this market is anticipated to be worth $23 billion annually by 2011 and Probability plans to capitalise on this opportunity by using various licensed and in-house technologies to deliver a range of bingo, casino and lottery games to mobile phone users.

The company, which says it will afford the turbulent US market a wide berth, is expected to join AIM on or around Wednesday 23 August and should attract a starting market valuation in the region of £13.7 million.