Formula One Bids on Betfair; Betfair Rejects
24 April 2013
Betfair, an popular online gambling company, has just rejected a $1.4 billion takeover offer from CVC Capital Partners, the largest shareholder in Formula One motor racing. The reason? The offer consisted of too little money and too many strings attached.
Analysts do not see the attempted takeover as a “knock-out bid”; rather than turn Betfair off to a possible buy-out, it may make them consider other options. It may also attract the attention of other, weightier buyers.
The bid from CVC was rejected by the Betfair board of directors as they felt it “fundamentally undervalues the company and its attractive prospects, and is highly conditional,” as quoted in a Reuters article.
The online gambling arena is growing and expanding at a noticeable rate, and some analysts and conglomerates see the industry as ripe for consolidation.
Founded in 2000, Betfair operates a unique online gambling platform that allows online gamblers to place bets against one another, thereby eliminating the need for a bookie or middleman. Betfair intends to make a statement to its shareholders on May 7th.
17 August 2010Betfair Launches new iPad App
Betfair has gotten into the Apple app business and has launched a new gambling application for the iPad. For those mobile gamblers in the U.S., no need to get excited and search long hours in your iTunes store, it is not available in the United States. This app has only been launched to the residents of the UK and Ireland. The Betfair app uses GPS to make sure the bets are being placed from the proper region.Read full article
03 November 2010Betfair Next Online Gambling Company to Leave the UK?
The UK has some of the most liberal laws concerning online gambling in the world. They have enacted some of the most comprehensive and fair systems regarding regulation and operations but all this has come at a price in the means of taxation and the horse racing levy. This taxation is now causing some companies to consider leaving the legal umbrella in the U.K. For some companies that are walking the line between profit and loss, the tax in the U.K. can be a big hurdle to overcome.Read full article
07 July 2011Betfair Complains to EU About Germany's Gambling Treaty
A draft over Germany’s gambling rules, which is still being considered by German authorities has Betfair Group Plc, a British online gambling site, already calling foul. According to Betfair, the draft will force it to pay over 16% on all stakes and it will also restrict licenses for private betting companies to seven. According to Betfair these new rules would be “discriminatory and protectionist.” Betfair complained to the European Union this week over this draft proposal.Read full article