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Betfair (LON:BET) report: LMAX officially launched
By Daniel Stewart & Co
-Betfair, today announced the launch of LMAX its exchange betting platform for online retail financial trading of CFD’s and FX.
-The platform was recently authorised by the FSA and this allows Betfair the opportunity to compete in the online financial retail trading space.
-LMAX aims to replicate Betfair’s sports betting technology platform in the online retail trading of financial instruments.
-Betfair has over 3m registered users on its sports betting book of which c800, 000 are active regular customers. Cross selling a fraction (1/10th) of this user base over to the LMAX platform could add substantial financial benefits to Betfair.
-The stock has rallied strongly since coming to market last week and the market appears to believe the story thus far.
-Management will need to prove to investors that it is able to grow the proprietary sports betting technology in other geographies.
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