Online betting exchange Betfair are tipped to soon float, in an effort to raise cash and position themselves for aggressive expansion in to the US market.
We reported some weeks ago that Betfair were eyeing the the US market and making preparations for the possibility that the Obama administration will lift current online gambling restrictions. A gradually expanding Silicon Valley presence, and strategic partnerships with local terrestrial betting operators has been the order of the day.
Now, according to a report in this morning's Telegraph, they are looking to test the battered equity markets with an IPO, designed to raise cash to fund a US centric acquisition and expansion strategy.
With equity markets gradually recovering after the hiding of the last 18 months, a growing queue of British IPO candidates are now considering dipping their toes into the flotation market. And Betfair apparently is near the front of the queue, with analysts predicting the public offering will value the company at somewhere in the order of £1.5 billion.
About Betfair: Betfair was founded in August 1999 by Andrew Black and Edward Wray as an online betting exchange, allowing punters to lay bets on a wide range of events. The company's offering has now expanded to more traditional book making services, in addition to poker and casino games.
To visit Betfair, click here
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