Two of Betfair’s senior employees have shown their confidence in the online gambling company by purchasing significant amounts of shares.
Breon Corcoran, the recently appointed chief executive officer, and chief financial officer Alexander Gersh bought 25,000 and 20,000 respectively. Corcoran’s purchase of the shares at 658.94p cost him an eye-watering £164,735 while Gersh spent a not insignificant £131,490.
After having been listed on the London Stock Exchange for more than two years now, Betfair have seen the company’s value decrease rapidly since its initial public offering. Shares hit an all time low in August of 2011 and increased from there until recently.
This move for two of Betfair’s very top execs to put large amounts of their own cash into the company is a clear show of support. The recent dip in shares has been caused by regulatory issues in several European jurisdictions – prompting Corcoran to admit that they’ll be reducing their efforts in those markets.
Given the regulated nature of the UK market, it’s likely that a fair percentage of the attentions that were focused elsewhere will move to the company’s homeland. Developments in mobile and social are sure to be top of the agenda so we can look forward to product enhancements in the near future.