Betfair set float price

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CaerMyrddin
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I'm a bit worried with this Australian situation, right now australian markets are accounting for around 50% of my profits. How are traders down under seeing this court problem? Would you be put out of bussiness?
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Euler
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andyfuller wrote:Can you expand on that Peter? I didn't know about that.
I could have mis-interpreted what they said, but they quite clearly told me thanks for all the turnover you are doing but we don't get to see any benefit from it.

I don't know whether that means, they never see it on that the Austrailian exchange or whether it just means it's not included in their numbers or whatever. Difficult to tell.
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Euler
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andyfuller
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Cheers for that Peter.

That is a bit odd about the Australian exchange. It sounds like the American exchange will have to be kept totally separate to the main exchange with no cross over between them so it won't be any use to people outside of the state.

Is anyone able to register for the webcast? I will make sure I have the kettle on and the custard creams ready ;)
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Euler
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Based on the fact the press release has already been written today and the share price rose, I'd predict a favourable response by the city when the announcement officially comes out tomorrow. ;)
Iron
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Possibly, although share price rises today may have been due to rumours of QE3, which have been dashed by Ben Bernanke this evening.

Jeff
Euler wrote:Based on the fact the press release has already been written today and the share price rose, I'd predict a favourable response by the city when the announcement officially comes out tomorrow. ;)
andyfuller
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Yes Peter, I kept an eye on the share price all day today. One of the best days it has had for good while from memory, backed to around a 5 month high roughly.

Doesn't it fill you with a warm feeling knowing they are robbing us blind again tomorrow at midday.

Jeff it was rising from the opening of the markets, before the QE rumours, I would guess it was much more to do with tomorrow than QE, BWIN gained only 1.37% today to BF's 3.57%
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Euler
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Financial highlights

· Core Betfair revenue of £170.3m, with 12% year-on year growth in Q2 2

· Core Betfair Adjusted EBITDA up 26% to £44.6m 1, 2

· Group underlying earnings per share up 43% to 19.5 pence 3

· Interim dividend proposed of 3.2p pence per share

· £23.7m returned in share buyback to date

Operational highlights

· Strong Exchange performance: Q2 non-risk revenue up 20% year-on-year

· New mobile products drive growth: 16.2m bets (up 103%) and £9.1m of revenue (up 88%) in H1

· Encouraging current trading: Core Betfair revenue up 13% in Q3 to date

· New site to be launched shortly: much improved speed, reliability and search functionality

Management update

· Breon Corcoran announced as new CEO

· Stephen Morana to be Interim CEO

· Gerald Corbett appointed as Deputy Chairman and will become Chairman in Q1 2012
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Euler
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Euler
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I'm tweeting updates from the call:-

http://www.twitter.com/betangel/
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Euler
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Morana - Premium charge increase will deliver 4% of revenue growth for the year with a nine month contribution.
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CaerMyrddin
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Curiously, you'd say they won't grow due to this increase in the next year, it should have the opposite impact.
andyfuller
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Seemed like they were happy with the new PC. I guess people can expect some more tweaking of it in the future.

It had little impact in terms of behaviour changes with regards to the people it affected. I missed the slide but I think it said that it effected less than the 500 they said it would?

Only a few it sounded like had stopped using Betfair because of it. They can add me to that few in a few months.

I would guess the £250,000 will get revised down, surely they won't up from 60%. But looks like all the negative stuff from it has bugger all impact. Amount of bets was well up, in particular horse racing but I guess that wouldn't be hard when compared to last year given the distinct lack of racing there was last winter.
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Euler
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andyfuller wrote:Only a few it sounded like had stopped using Betfair because of it. They can add me to that few in a few months.
I thought it would have had a bigger effect on the bottom line given the picture they painted of all those freeloaders they said were unfairly benefitting from it.

Betfair have earned less commission from me at 60% than they did at 20%. Nuff said.

I think they should have targetted it better. Bet Angel users by and large are adding liquidity and structure to the market, not unfairly benefitting from it.
SilentDave
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Betfair have fallen in to the trap of thinking that increasing their percentage to 60% will increase the total premium charge take but as with other forms of taxation it's never that simple.
As we see here it drives people away or they look for ways round it.
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