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Offerors are not known for their generosity. If punters will double pleasure with David Yu, Betfair General Director to leave 19pc on the table on the first day. It makes you wonder, however, why he bothered to hire a stable investment banks for its IPO starting stalls. John McCririck, man from Channel 4 in the cycle would have just so - although its slogan "toerags behave yourself" could upset the institutions.

Alongside lawyers, Goldman Sachs, Morgan Stanley, Barclays Capital and Numis will be pants ￡ 15. 7 m fee. It is Betfair hawking to ￡ 11 to 14 ￡ potential owners share - forward pricing to 13 ￡.Shares closed at night last 15 h 50 ￡ .Beau work, if you can get it.

Indeed, the price was investigated if light that even Paul Roy could not new private capital company résister.Son Smith has members itself for up to 50 million pounds worth actions.Juste to clarify, it's the same Roy double as President of the British Horseracing, authority who enjoys running battles with Betfair on his contribution to sport.

Indeed, no more sooner had he announced its float Roy is precipitated a press release stating that it was "disturbed" Finance races with "serious consequences".

True, Betfair is not a typical float.With 151 million to ￡ cash on its balance sheet, it did not need to raise money and its shareholders are keeping most of their assets - but for 15 2pc sold in the float.

Unlike other offices this year, such as the Ocado Betfair also seems more conventional harass that sale Plater.But its greatest trials are coming - and the hamper took no chances.On some predictions it commercial report earnings price 60 fois.Certes 2011, it fell sharply but William Hill is about 10 times.

Betfair may reflect its success with its financial exchange LMAX, such a side bet probably not racée.Mais is a question of grosse.Offrants always gaining end compte.Mais who knows if that goes also for those non-traditional.

Alistair.Osborne@Telegraph.co.UK

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