Betfair to list on London Stock Exchange

City A.M. Reporter
Betfair, the world's biggest Internet betting exchange, has confirmed plans to list on the London Stock Exchange in a move it said will help it develop its international operations.

Betfair said it will continue to pursue growth internationally, where its market presence is currently lower than in Britain.

It highlighted Europe and Australia as key future growth markets, with development opportunities in the longer term seen in markets such as the United States, India and China.

Betfair, worth an estimated £1.5bn, was launched 10 years ago by Andrew Black, a former professional gambler, and former JP Morgan trader Edward Wray, who jointly own one quarter of the group.

The company cuts out traditional bookmakers by matching individual gamblers.

"Betfair has delivered sustained revenue growth and continued profitability, and this success, along with our debt-free balance sheet, underpins our confidence to continue investing in the many opportunities we see before us for the long-term success of the business," chief executive David Yu said in a statement.

The company said Goldman Sachs and Morgan Stanley would be acting as joint sponsors and bookrunners for the initial public offering (IPO) with Barclays Capital and Numis acting as co-lead managers.