Betfair Shares Plummet 3 Percent Following Ratings Changes

Online gambling firm Betfair falls c.3 pct, one of the top percentage losers on the FTSE-250 mid-cap index after reporting results.

The company posted a better than expected rise in FY profit, led by strong revenue growth and a big surge in new customers but falls in early trading but a series of downgrades resulted in the share plunge Wednesday.

Panmure Gordon cut its rating to "hold" from "buy" citing higher valuations while Numis Securities also raised concerns over valuations and additional duties in the UK and Ireland downgraded to "sell" on June 5 )

- Aaron Goldstein, Gambling911.com