International edition
September 25, 2020

The firm is likely to be eligible for the inclusion in the FTSE 250 Index

Betfair valued at us$ 2.1 billion on flotation

(UK).- Betfair, founded by Andrew Black and former City trader Edward Wray, is said to have been found 10 years ago. Before the trading had commenced the combined stake is said to have been valued at us$ 501.6 million.This online gambling company is at present valued at at us$ 2.1 billion on its stock market debut.

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eft with almost 20% of the business, the duo are said to have sold million shares in the initial public offering. These shares are believed to be between us$ 21.9 million and us$ 26.6 million.

The bookmaking rivals abhor Betfair, but it still alleges to be European largest online sports betting operator with 2.5 million registered users. It is said to have shown an abrupt growth and popularity among punters as it provides them with better odds.

As much as us$ 313 million are said to have been raised through the vending of 155 of the company.

The firm is likely to be eligible for the inclusion in the FTSE 250 Index, as the opening valuation for the company has come out to be very close to the firm’s previously declared price range.

David Wilkinson, IPO leader at Ernst & Young in the UK said "Betfair could be just what the doctor ordered for the UK's IPO market, which badly needs a dose of confidence”.

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