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added on 2010-10-27 04:57:36
Betfair is the world's largest Internet betting exchange company, with over 2.5 million registered users around the globe, processing more than five million bets a day. On its stock market debut, the sports betting company was valued at £1.4 billion!
Since Andrew Black and Edward Wray founded the company, in June 2000, Betfair has become the largest British online betting company and the largest bet exchange in the world.
The pricing of the Betfair's shares on the London Stock Exchange was set at £13. The flotation represents a major deal for the Betfair's co-founders, Andrew Black and Edward Wray, who won the Ernst and Young Emerging Entrepreneur of the Year award. The co-founders sold almost one million shares in the flotation and cashed in £14m and £17m each.
"We believe we have many opportunities to grow our leading position in the online sports betting and gaming market and we are extremely pleased that new investors share our enthusiasm for the future of the business," Betfair Chief Executive officer, David Yu said.
Mr. Yu said the company was “delighted” to have been listed on the London Stock Exchange and that the company and its management team is committed to creating value for the firm's owners.
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