Betfair - Interim results to 31 Oct 2012

http://corporate.betfair.com/~/media/Files/B/Betfair-V2/press-releases/2012/13-12-2012.pdf

In my view, results are a little disappointing. Major decision, is to dump the piece of junk that was LMAX, selling their share, for £2.4m.

Losses from this venture, are anywhere between £25-£35 million - what were they thinking ?

Its clear Betfair need market penetration in overseas markets, and regularatory issues, make it hard.

Betfair has reserves, but recognises it needs to slim down, and become more market/customer focussed.

I am selling 2/3rd of my Betfair shares --  I dont see how they can move, in the next yr or so, without new markets opening up.

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Overnight, have re-thought this, and dont like some USA contracts, being given to Sportech. Have sold ALL my Betfair shares.

Betfair share price, went as high as £7.70 or so, yesterday, but have fallen back today .. £7.48, pleased I got out.