By Scott Carlson, Rakeback.com Staff Writer
Betfair confirmed yesterday a report that was published back in July that they will issue an Initial Public Offering (IPO) on the London Stock Exchange this month. The IPO is expected to raise £1.5 billion. The funds would be used to expand their operations throughout the world including China and possibly the United States if current regulations such as HR2267 is passed.
Goldman Sachs International and Morgan Stanley & Co. International are co-sponsoring the IPO. In the IPO they expect to sell at least 10% of the current outstanding shares of the company. They do not plan on issuing any additional stock. The company is currently reported to be worth £2-£4 billion. Review of the most recent financial statement of the company shows why their value is rated so high. Betfair has approximately £150 million in operating cash and zero debt.
Betfair Chairman Edward Wray commented about the IPO, “Today is an important landmark in Betfair’s story, which has been characterized by extraordinary innovation, success, growth and profitability since its launch ten years ago. Becoming a publicly listed company will provide Betfair with the heightened profile and enhanced transparency that will help us cement our long-term relationships with customers, regulators and business partners around the world.’’
Betfair is the biggest international online gambling operation in the world. They offer a wide array gaming products including poker, sports betting and casino games. Don't have a Betfair account? Sign up for one through Rakeback.com.
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