Betting on Betfair - Horse Racing News | Paulick Report

Betting on Betfair

Paul Roy– the chairman of the British Horseracing Authority who has been an outspoken critic of Betfair, the betting exchange company that owns TVG and is hoping to expand its business into the U.S.—became a major investor in Betfair after its initial public offering on the London Stock Exchange last week.
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Roy, who called Betfair a disruptive force in British racing and said the exchange does not contribute enough to the industry, is investing as much as $78 million in the company through his private equity firm NewSmith Capital. Betting exchanges were recently approved in California and are advancing in New Jersey.

Roy has warned overseas markets to be wary of Betfair, but apparently sees it as a strong and growing business despite his own words. Or maybe, like a gambler at the racetrack, he's just hedging his bets.

Read more at the London Telegraph

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