by Renee Israel
The Sunday Times has noted that online gaming exchange, Betfair, is poised to make a dramatic announcement regarding its flotation on the London Stock Exchange.
The newspaper, citing reliable sources, said that the plans for the £1.5 billion flotation would be announced within a fortnight.
Betfair was founded ten years ago by former professional gambler, Andrew Black and JP Morgan trader, Ed Wray.
Since then, the group's growth has been formidable, with Betfair capturing a significant part of the market of gamblers betting against each other.
Wray and Black, who own 25% of the business combined, set to make hundreds of millions should the flotation go ahead.
Other employees, such as the Chief Executive, also stand to cash in.
A company spokesman was non-committal in his statement and said: "Betfair is an international internet success story and constantly explores opportunities for further growth."
"As a successful private company, an IPO is one option for a business of this scale and we keep it under review," he added.
When approached for comment regarding the rumours of an upcoming flotation, another spokeswoman, Tessa Murray said: "Our position hasn't changed, we have no comment on press speculation."
The Sunday Times said that no sale price has been decided by the group yet, and noted that the flotation plans may still be postponed.
Betfair has sought advice from Goldman Sachs and Morgan Stanley regarding its flotation plans.
Analysts believe that Betfair will remain a major player in the betting market for the foreseeable future, and that an investment in the company may be an excellent move.
