Formula One Group Looks to Acquire Online Betting Exchange Betfair
A private equity firm that owns Formula One motor racing is looking into the possible purchase of Europe’s largest betting exchange, Betfair.
CVC Capital Partners confirmed on Monday it was in talks with investors about the possibility of a joint offer for the wagering firm, said to be worth around £800 million.
Betfair went public on the London Stock Exchange last year but has since lost ground to its competitors like Ladbrokes and William Hill.
The company recently announced it would be pulling out of so-called “grey area” markets in order to focus more on regions where online gambling is not hindered.
"We remain fully committed to delivering on the new strategy and providing improved returns for our shareholders," chairman Gerald Corbett said in a statement today.
An affiliation with Formula One would greatly increase Betfair’s exposure. Formula One, for example, had a total global television audience of 527 million people during the course of the 2010 FIA Formula One World Championship alone.
- Aaron Goldstein, Gambling911.com
