Betfair claims to be fair to customers: £100m floatation possibility |
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Mon, 28 Mar 2005 01:00
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Betfair has appointed the investment bank NM Rothschild to counsel and instruct them regarding their prospective stock market floatation.
The online betting exchange founders, Andrew Black and Edward Wray have been contemplating a floatation and investment release for quite some time now, right from the month of May when Sir Bob Horton, the former BP boss assumed seat as chairman. The latest developments, however, seem to have surfaced with the employment of the non-executive director, Fru Hazlitt.
| Owning 15% each of the exchange, Andrew Black and Edward Wray could be able to pocket as much as £100m in the floatation process.
However, since Betfair facilitates betters to put their stake on both winners and losers, possibilities of it housing fraud betting rackets have attracted enough criticism. Betfair, on the other hand claims that it is different from the traditional bookmakers like Ladbrokes, William Hill, Coral, Stanley Racing and the Tote and keeps all of its customers’ information, losers and winners.
Nevertheless, Betfair has been making conscious efforts to enhance its image and has also started operating with sports bodies. In fact, an advertising campaign was carried out last year that propagated its attempt of eliminating corrupt practices in the world of racing.
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