Betfair hires banks to advise on IPO: report

By London Bureau

Jan. 24, 2010, 12:22 p.m. EST

LONDON (MarketWatch) -- Online gaming exchange Betfair has selected two investment banks to advise on a possible GBP1.5 billion stock-market flotation, reports the Sunday Times newspaper, without citing sources.

Betfair has chosen Goldman Sachs and Morgan Stanley to weigh up options for its future, which include a possible sale or share listing. However, an initial public offering is unlikely to take place until the autumn.

The group was founded by Ed Wray, a former JP Morgan trader, and Andrew Black, once a professional gambler. They own 25% of the company between them. Japanese backer Softbank Corp. (9984.TO), has a 23% stake, according to the report.

Betfair couldn't immediately be reached for comment.

Source: Newspaper Web site: www.timesonline.co.uk