Betfair put its money on simplified products

BETFAIR is attracting more gamblers to its website with simpler products, the online betting company said, defending its strategy after rejecting a £1 billion takeover bid.

Chief executive Breon Corcoran gave details of the changes in the firm’s final results announcement yesterday. Launched in 2000 as an innovative online exchange where gamblers could bet against each other, the company now also offers more conventional fixed-odds betting on sports events to cater for a broader audience.

Corcoran’s strategy was an important factor in the rejection of a 950p-per-share bid from private equity firm CVC Capital Partners in May.

CVC had wanted Betfair to refocus on its betting exchange, but Corcoran is pursuing a plan to broaden and simplify the product range, bringing the group into more direct competition with more established bookmakers. He is also slimming down Betfair, pulling out of some foreign markets and targeting savings of £30 million.