Betfair to Be Listed on the LSE

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2010. September 22. |
Making an anticipated confirmation, betting company Betfair announced it was to float on the London Stock Exchange, valued at £1.5bn, EGamingReview.com reported. At least 10% of the shares are expected to be sold to enterprises willing to invest both in and out of the UK.
Betfair CEO David Yu sees the IPO of the company as an opportunity to grow faster as going public “can only be helpful as we continue to expand. It allows us to attract and attain new talent and gives flexibility and liquidity to our shareholders. It’s absolutely the right thing to do for the business.” Additionally, Yu justified their move by declaring that “this industry is moving very quickly, so a listing will give us greater flexibility to react to wherever the industry goes.”

Betfair

Nevertheless, Betfair plans not to sell its primary shares, even though at least 7 out of the 14 major shareholders (who owe 75% of the company, including the 24% combined share of company founders Edward Wray and Andrew Black) will be included in the trading. Meant to get underway by late October, another 600 shareholders, holding the remaining 25%, are also to participate.

With “10 years of double digit growth,” Betfair is confident of the success of the floatation: “We think we’ve got a really killer product and we’ve got unique and sustainable competitive advantages... We’ve been profitable for most of our history, so I think shareholders will always be interested,” Yu said.

Betfair deals first of all in betting exchange and sports betting but is also engaged in other endeavours like casino games, poker and horse race wagering. A “landmark” in the history of the company, Betfair founder and chairman Ed Wray expects the floatation to “provide Betfair with the heightened profile and enhanced transparency that will help us cement our long-term relationships with customers, regulators and business partners around the world.”
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