International edition
September 17, 2021

Floatation could lead to consolidation if US restrictions are lifted

Betfair reportedly weighing us$ 2.5 billion IPO

(UK).- UK online gambling group Betfair may launch a 1.5 billion pound (us$ 2.5 billion) initial public offering that could be a platform for consolidation in the sector if US gambling restrictions are lifted, according to a report.


he web site's founders Bertie Black and Ed Wray will meet with banking adviser over the coming weeks to discuss what would be the UK's first major listing since the global financial crisis hit, the Sunday Telegraph reported.

A floatation would provide the company with capital so it can lead likely consolidation in the gambling sector, the newspaper reported. It added that a lifting of the U.S. ban on online gambling could spark deals in the industry, with some experts suggesting a change in the law could come as early as next year.

Betfair is a betting exchange, rather than a traditional bookmaker. It allows customers to bet directly against each other on the outcome of sporting events, with the company taking a small percentage of the amount gambled. It has also expanded into casino games, poker and financial markets betting.

Goldman Sachs, Morgan Stanley and Rothschild have acted for Betfair in the past and could be involved in a floatation or capital raising, the newspaper said. Talks with bankers could lead to a "beauty parade" of potential advisers in the coming weeks, it added.

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