Online casino company Betfair scored big this week when its IPO in London proved to be a huge success. Prelisting orders have indeed surpassed expectations and the company’s share price has been extra high this week. Share price has reached a peak of more than GBP15. The listing has been so successful that more extra shares were allocated, said to be worth GBP 22.8 million, and they were also placed on the market this week. This fortunate event will surely add more revenues to Betfair’s to the bottomline- a fact appreciated by founders Ed Wray and Andrew Black; Betfair is reputed to be the leader in online casinos and sports betting services.

Morgan Stanley, acting as Betfair’s stabilizing manager, generated an over-allocation section after the betting exchange revealed a jump in shares from the original float price of GBP13 to more than GBP15. The system compelled Wray and Black to sell another 10 percent of their shares in the online casino firm, allowing them to earn an added GBP1.7 million for Wray, and GBP1.9 million for Black. This is on top of Wray’s GBP17 million and Black’s GBP14 million, which they earned since they founded the company of over 10 years ago - a clear testament to the success of online casinos over the past decade.

Betfair’s other shareholders, such as Balderton Capital and Charlton Acquisition, decided to sell some of their shares thereby increasing available firm percentage on the market up to 46 percent. The 46 percent is made up of the 15.2 percent already floated the previous week, the additional 1.6 percent from the over-allocation system, and just about 30 percent which is already owned by small shareholders and Betfair’s staff. Sum total for the over-allocation is valued at GBP 22.8 million before other expenses and underwriting commissions are deducted. The amount of shares that were floated the previous week amounted to £233.7m. Indeed, online casinos are proving a very lucrative business.

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