Betfair Float On The Cards

17th April, 2010

One of the biggest players in UK betting market has started to make moves to enable them to prepare for flotation on the London Stock Exchange.

Leading UK betting exchange Betfair has made a key acquisition in the hiring of ex-Morgan Stanley director Mark Brooker, who takes up the role of Head of Strategy - paving the way for the Hammersmith based company to float.

In an interview with leading eGaming site eGaming Review, whilst Betfair refused to confirm such intentions the likely float rumours have been fuelled by further strategic hires, as well as meetings between themselves and leading inverstment houses such as Fidelity and Gartmore.

It is thought that any float by the leading exchange would be in the region of £1.5bn, with Betfair's co-founder Andrew Black confirming that investors in the company are keen to see something happen in the next few months...

'I think the investor base collectively would want us to make money available to them at some point and we have an obligation to do that.'

'We do have people who are saying ‘well, hang on a sec, I think you guys have done a great job, I’m pretty happy I invested in you, but actually I’ve been sitting here waiting for my money back and you haven’t given it to me; and while I’m pleased that you’ve grown my little investment into something quite meaningful I would like to get my hands on the dosh.'

Along with Ed Wray, fellow co-founder of the betting giant as well as a leading online poker room and best uk casinos, Black owns 25% of the business, along side a Japanese bank (23%).