Betfair float shows Paddy P's true value
LAST week's successful flotation of betting exchange Betfair is good news for Irish quoted bookmaker Paddy Power, which now does over half of its business online.
Unusually for a flotation, Betfair issued no new shares, with both of the founders, Andrew Black and Edward Wray, and a number of other shareholders, selling existing shares instead. Despite this, demand for the shares was strong, with the price jumping from £13 to £15, valuing the whole company at €1.6bn.
For that money you could buy the whole of Paddy Power and still have more than €400m to spare.