Betfair’s IPO announcement earlier this month has sent out more shockwaves than Tiger Woods announcing that he would be becoming abstinent. It’s not surprising then that Betfair feels like they’ve just rolled out of a club at three in the AM, being booted up the backside by the doormen as they go.
A former PR director, and current Betfair shareholder, Mark Davies had already used Bodog offering odds on Betfair’s flotation earlier this week to bolster his arguments, and now CityAM are reporting that Bodog has had to twice slash the odds on Betfair failing to meet their valuation of £1.4bn. From the original 8/11 price, the odds crashed to first 1/2 and then 1/3 as excited punters dashed to the site with wads of £500 in hand.
A spokesperson explained that 182 bettors believed Betfair weren’t on their way to the £1.4bn mark, whereas only 22 think they’ll exceed.