http://www.telegraph.co.uk/finance/news ... tries.html
'Mr Corcoran yesterday announced that Betfair would focus on regulated markets as part of his overhaul of the business, which has already resulted in 100 redundancies.
The new chief, who joined in August from Paddy Power, would not rule out further job cuts as he reduces Betfair’s international presence and slashes £20m of costs. '
...
' The company slumped £64m into the red in the half-year, from a £24m profit previously, on revenue up 5pc to £200.6m.'
Betfair to sacrifice profit as it exits unstable countries
Feels like a watershed moment to me. I had hoped that the exchange would sweep all before it and transform the worlds gambling markets into a playground for the aspiring but the fact they are pulling back from investing in new markets is an admission that they have failed to do this. If they were a private company I am pretty sure they would continue to invest.
Also, this along with the writedown shows you what a complete farce the floatation was. The prospectus contained virtually nothing of subtance.
It looks like they want to go for the casual punter, but the nature of the business isn't really set up to do that. If I was CEO I would focus on the exchange mechanism and then with deliver partners to address specific needs in specifics markets. Whereas Betfair seems to want to be everything to everybody it seems.
Also, this along with the writedown shows you what a complete farce the floatation was. The prospectus contained virtually nothing of subtance.
It looks like they want to go for the casual punter, but the nature of the business isn't really set up to do that. If I was CEO I would focus on the exchange mechanism and then with deliver partners to address specific needs in specifics markets. Whereas Betfair seems to want to be everything to everybody it seems.