Online gambling site Betfair has announced its intention to float, as the company unveiled pre-tax profits of £18m in the year to the end of April. (from Sky News)

Betfair employees will also benefit from any windfall from the floatation
Sky’s City editor Mark Kleinman first reported on Betfair’s plans for an autumn stock market listing in July. He said the flotation would value the company at around £1.5bn. According to Kleinman, the floatation will aid the betting site’s expansion into new markets, both internationally and other areas that use similar technology.
Only 10 percent share of the company will be listed on the London Stock Exchange. Ed Wray and Andrew Black founded the gambiling website 11 years ago. Ownership is currently split into four blocs between the founders, Japanese bank Softbank, venture capital firm Balderton Capital, and the company’s 2300 employees. The company is being advised by American banks Goldman Sachs and Morgan Stanley.
Betfair abandoned an attempt to float in 2005.




