Betfair 'may float' ahead of end of US web gambling ban
Posted by Chloe Flint on 24 Aug 2009 at 15:08
Online betting site Betfair is getting ready to float on the stock market ahead of an anticipated overturn of the American ban on internet gaming.
The Telegraph reports the offering could value the group at about £1.5 billion and may give an overview as to how quickly the market can recover.
A number of firms considering flotation have been keeping an eye on the economic recovery with analysts saying a significant stock might be needed to lead the way.
According to the newspaper, investment bankers are closely monitoring the number of firms considered ready to float but early enthusiasm for a recovery appears mild enough to have halted any significant rush.
The paper also reported that the company is looking to hold talks before committing to a move which would allow it to raise more capital in advance of potential expansion after the expected American turnaround is confirmed.
Bertie Black and Ed Wray, Betfair's founders and holders of 25 per cent of the equity, are looking to avoid a repeat of events several years ago when the decision was taken to scrap a planned flotation.
