Investors Set to Score of Online Casino Group.
Online casino group, BetFair, which have signed a deal with Softbank, is fast flourishing as one of the most successful new companies in Britain. Investors of the online casino group are set for a payout of £300 million that is if analysts prove to be right. The windfall for the shareholders comes after the online casino company, which allows customers to bet against each other instead of accepting fixed odds betting like a more traditional bookie, closed a deal with Softbank, the Japanese Internet group.
The deal, which has been finalized, sees Softbank has bought a 23% stake in the online casino company for £355 million. This will value BetFair, which was launched 6 years ago, at a whopping £1.54 billion. Softbank has also increased the online casino company's net cash position from £80m to £125m. Of the £355m, about £45m will be invested directly in the company via new shares. A spokesperson for the online casino group said that smaller investors have seen about a 130 percent return on their money!
Some analysts predict that within a year, the investors of the group could decide to float the online casino company. One of the managers of Bet Fair said that at present, the management feels that the company will be able to grow better privately and without major internal turmoil. The online casino company is solid and if they decided to launch it on the stock exchange it will be after some serious considerations.