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Betfair rumoured to be planning public listing

The whispers of the past few weeks that online gambling giant Betfair is planning a public listing gained momentum over the weekend on the news that the company has engaged with two investment banks to advise it on a possible £1.5 billion stock-market flotation.

The Sunday Times reported that Betfair has chosen Goldman Sachs and Morgan Stanley to weigh up options for its future, which include a possible sale or share listing.

The newspaper points out that going public could bring founders Ed Wray and Andrew Black a fortune, as the duo own 25% of the company between them. Another 23% is owned by the Japanese bank Softbank, which also stands to benefit substantially if a listing is achieved.

Betfair took two billion GBP in wagers last year and reported earnings of £72 million, a 29% rise on sales 27% higher at £303 million.

Source: InfoPowa News

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