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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Online gaming firm Betfair announces flotation AFP - Wednesday, September 22 Send IM Story Print Online gaming firm Betfair announces flotation LONDON (AFP) - – Online sports betting giant Betfair said on Tuesday it was going ahead with a flotation expected to value the company at around 1.5 billion pounds (1.8 billion euros, 2.3 billion dollars). The planned listing on the London Stock Exchange will enable founders Ed Wray and Andrew Black to sell some of their holdings in the company. They launched Betfair 11 years ago and own a combined 24 percent stake in the firm, which has become the world's leading online sports betting site with three million registered users. The flotation has been expected for some time, driven by the company's strong financial performance and strong growth. In the year to April, net profit was 15.1 million pounds while revenue grew 13 percent to 340.9 million pounds. Betfair was one of the pioneers of person-to-person sports betting by developing a market place, or "betting exchange" which allows customers to bet at odds sought by themselves or offered by other customers, bypassing the need for a traditional bookmaker. Recommend Send IM Story Print Related Articles US-TECH Summary Reuters - 1 hour 28 minutes ago AT&T says half a million iPads use its network Reuters - 1 hour 28 minutes ago Zune to go international with Windows Phone 7 AFP - 1 hour 35 minutes ago Twitter fixes flaw after cyber attack Reuters - 2 hours 15 minutes ago Celebrity Twitter auction raises money for Haiti AFP - 2 hours 32 minutes ago News Search Top Stories Senate blocks move to lift ban on gays in US military US Fed 'prepared' to act if recovery stalls Ireland, Greece, Spain pass crucial bond auctions Atom smasher scientists spot potential new discovery: CERN Anti-Islam rant sees far-right fly high across Europe More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended US exits longest recession since World War II Australia warns of C.Games terror attack 'risk' Canadian space agency beams northern lights over Web Pakistan make 265-7 against England in cricket ODI BP's broken well in Gulf of Mexico is 'dead' More Most Viewed » Climate: New study slashes estimate of icecap loss US pastor puts Koran-burning on hold 'Time bomb' superbug requires global response: doctor Japanese rider Tomizawa dies in San Marino Moto2 GP Vitamin B 'could delay Alzheimer's onset' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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