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Betfair Report Sparks Float Rumors

17 Nov 2004

UNITED KINGDOM – As reported by the BETFAIR, the privately owned betting exchange, has published its annual report for the first time, sparking speculation that it is gearing up for a stock market flotation.

"The company, which is chaired by Sir Robert Horton, the former BP and Railtrack chairman, insisted that there were 'no plans to float', although a spokeswoman admitted: 'Betfair can't stay as a private company for ever.'

"Stephen Hill, Betfair's chief executive, said that there was no question of the company pursuing an initial public offering (IPO) until the proposed Gambling Bill had passed into law and the Government had concluded its review of the tax paid by betting exchanges.

"…Betfair is also in discussions with the authorities in South Africa, Hong Kong, Singapore and Canada…"

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