International edition
September 21, 2020

It hopes to be able to enter some of world's largest gaming markets

Betfair unveils plans for London listing

(UK).- Betfair, which cuts out traditional bookmakers by matching individual gamblers, said its flotation would give it the funds to expand internationally and enable managers and staff to cash in shares.

W

hile Europe and Australia provide potential for growth in the foreseeable future, the company hopes to be able to enter some of world's largest gaming markets which are currently restricted, such as the United States, India and China.

Co-founders Edward Wray, a former JP Morgan trader, and Andrew Black, a former professional gambler, have each indicated that they intend to sell approximately 10pc of their holdings in the initial public offering. They own around a quarter of the company.

Betfair announced the flotation alongside full-year results showing a sharp drop in profits from us$ 74 million to us$ 27.7 million on revenue up 13 %. The company has us$ 235.3 million of cash and no debts.

David Yu, chief executive, said this week: "Betfair has delivered sustained revenue growth and continued profitability, and this success, along with our debt-free balance sheet, underpins our confidence to continue investing in the many opportunities we see before us for the long-term success of the business,"

Goldman Sachs and Morgan Stanley are acting as joint sponsors and bookrunners for the initial public offering with Barclays Capital and Numis acting as co-lead managers.

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