"But it seems clear to me that Racing’s failure to understand much about anything, as underlined by the release put out yesterday in connection with the Betfair float, lies deep within its psyche. Any political observer with the smallest modicum of observation or nous will tell you that any leadership, of any organisation, that genuinely believes today that it is about to secure a big boost to its revenues prompted by government, in the context of a national economy which is suffering cuts at every level, is simply deluded about itself, its industry, and the wider world."

"Whether intended or not, it has certainly disrupted British Racing’s finances, and has created severe consequences. It has indeed, for its customers, eliminated the need for a traditional bookmaker, and markets itself as cutting out the middle man. At the same time, Betfair has argued it should be treated as a traditional bookmaker for the purposes of its contribution to our sport. Betfair cannot have it both ways."

"Betfair, a UK-based company coining money in a business the US is too morally schizophrenic to allow, is going public." Includes info from the company on structure, projections. Founders expect stake to equal 225 million pounds: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8017064/Betfair-founders-stakes-to-be-worth-225m-when-betting-exchange-floats.html

"Betfair said it will continue to pursue growth internationally, where its market presence is currently lower than in Britain, Reuters reported. It highlighted Europe and Australia as key future growth markets, with development opportunities in the longer term seen in markets such as the United States, India and China."