BETFAIR’S
hopes of achieving a valuation above £1.4bn in its upcoming
float have received a blow from a rival online bookie.
Bodog
was forced to slash its odds on Betfair failing to hit the sum after
a rush by shrewd punters. Bodog initially offered 8/11 on the IPO
failing to hit £1.4bn but was forced to cut the price twice,
first to 1/2 then to 1/3.
The
bookie also reported a number of customers setting up accounts
especially to place bets against Betfair reaching the figure, seen as
a warning sign in the industry.
A
Bodog spokesman said: “We have had 182 bets on the downside
compared to just 22 on the upside. For a bet this niche this is quite
a lot. Having a lot of experience in this industry I’m pretty
certain these people will turn out to be right.
“We
even had people setting up multiple accounts so they could get three
bets at the maximum of £500 a bet.”
The
world’s biggest online betting exchange is not planning on raising
new capital in the flotation but will put a minimum of 10 per cent of
the company on the market through the sale of shares of existing
stakeholders.
It
expects to announce its pricing after its annual meeting next month.
BETFAIR’S
hopes of achieving a valuation above £1.4bn in its upcoming
float have received a blow from a rival online bookie.
Bodog
was forced to slash its odds on Betfair failing to hit the sum after
a rush by shrewd punters. Bodog initially offered 8/11 on the IPO
failing to hit £1.4bn but was forced to cut the price twice,
first to 1/2 then to 1/3.
The
bookie also reported a number of customers setting up accounts
especially to place bets against Betfair reaching the figure, seen as
a warning sign in the industry.
A
Bodog spokesman said: “We have had 182 bets on the downside
compared to just 22 on the upside. For a bet this niche this is quite
a lot. Having a lot of experience in this industry I’m pretty
certain these people will turn out to be right.
“We
even had people setting up multiple accounts so they could get three
bets at the maximum of £500 a bet.”
The
world’s biggest online betting exchange is not planning on raising
new capital in the flotation but will put a minimum of 10 per cent of
the company on the market through the sale of shares of existing
stakeholders.
It
expects to announce its pricing after its annual meeting next month.
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