Betfair to launch $2.3 bln London float:

[Lash_sumthin]

Kinda week old news but BBC running with it this morning so I gather Its been confirmed.

Online gaming exchange Betfair is set to announce plans for a 1.5 billion pounds ($2.3 billion) London flotation within the next two weeks, The Sunday Times reported without citing sources.

Betfair, which allows gamblers to bet against each other rather than via a bookmaker, was founded 10 years ago by former JP Morgan (JPM.N) trader Ed Wray and ex-professional gambler Andrew Black, who own a combined 25 percent stake in the business.

A sale price has not been decided, the newspaper said, and a float was being pursued to allow investors to sell some of their holdings rather than to raise fresh capital.

The company shelved plans for an IPO in 2005 and the Sunday Times said there was still a chance that the float could be postponed.

A company spokesman said: "Betfair is an international Internet success story and constantly explores opportunities for further growth. As a successful private company, an IPO is one option for a business of this scale and we keep it under review."

Betfair is being advised on the float by Goldman Sachs (GS.N) and Morgan Stanley (MS.N), the newspaper said.

http://www.reuters.com/article/idUSTRE68B0XJ20100912

[ron dodgers]

if Andrew Black sells 10% of his shares then that could be about 150 million in his pocket - after he's set up his stud he might have a few shekels left for a ground development?

[Reg Smeeton]

if Andrew Black sells 10% of his shares then that could be about 150 million in his pocket - after he's set up his stud he might have a few shekels left for a ground development?

Of more interest is that Black is bessies with Michael Owen....can only be a matter of time before he does a stint at the redeveloped CG.

[jonny72]

Of more interest is that Black is bessies with Michael Owen....can only be a matter of time before he does a stint at the redeveloped CG.

Is it just me, or have top players stopped dropping down the divisions nowadays?

Players like Mark Walters just don't do it anymore. Maybe cos they're paid so much they don't need to?