Skip to main content

Ed Wray the latest to bid farewell to Betfair

There's a time at most big companies when the last of the original founders move on - sometimes it is by choice, other times they are usurped by investors or an involuntary departure in a wooden box was the only way they'd leave.

Ed Wray, Andrew Black, Mark Davies, David Williams (legal) and Jon Cumberlege (operations) were the main five guys at Betfair when I joined way back in 2002 and what a great time it was. An exciting new company putting a rocket up the tired old UK betting industry and wanting to take on the world. The latter quartet have long moved on to enjoy the riches of their involvement, Ed has just announced he will be stepping down as company chairman.

The company is a long way from where it was in those days, some for the good, some for the bad, but you can't argue it has changed the betting industry forever.

I remember first meeting Ed in the old Parsons Green office after an hour chatting to David Williams, the head legal guy for several years, who had been 'interviewing' me with his bare feet up on the desk on a warm London day. Yes, there was once warm weather in London - I believe it was about August 25, 2002!

Ed and I had a great chat about the company, the betting industry and the world - it was easy to work out this was going to be a fantastic firm to work for.

A couple of months later, after finishing a stint of travelling, I became a consultant for Betfair, working on the Australian market, travelling to racecourses around the nation, being dragged into the stewards' room at Northam races in country Western Australia, slandered in the press by one of the most clueless racing adminstrators ever seen - Robert Nason - for making the perfectly valid statement that Australia has too many races and a fair chunk of them are contested by animals not fit to be on a racecourse (got a deserved dressing down from Ed for that), and many more good times....

It was all about working for Ed and Bert, and their dream. A dream that turned into something huge, and naturally, as it became a big corporate entity the fun slowly disappeared. It was no longer building someone's dream with an ethos of being the punter's best mate but turning into a soulless place desperate to float and with its heart set on screwing punters for every penny they can get.

After a strong revival in the past fortnight, taking the share price from £6 to around £8, Betfair's share price dropped over 50p today after the announcement. Part of it would be due to Ed's impending departure, but overall it was a bad day for the markets where most copped it. Times have changed at Betfair, the last real link to its exciting beginning is about to leave the building.

Enjoy your time on the golf course Ed, or wherever you choose to spend your time now, you've earned it.

Sent from my BlackBerry® wireless device

Comments

  1. Interesting timing to say the least.

    Didn't Ed purchase about 150k shares as recently as Mid-July?

    I guess every good thing comes to an end and now all the people who positioned the Company so well in Years gone by will have left, and Betfair becomes just another corporate play thing to be eventually ruined...........

    Does make you wonder if Mr Wray and Mr Black (who's lock up period ends next month) may be planning something to take the idea back to the roots. Imagine the damage that would do to Betfair and how many people (me included) would be falling over themselves to throw their money at it.

    Food for thought.

    ReplyDelete
  2. I think it was something to do with corporate governance - not sure how that works, forcing out the original founder...

    ReplyDelete
  3. What else this company put under the carpet before the float?
    http://tinyurl.com/6l6nm8h

    ReplyDelete

Post a Comment

Thanks for your comments, but if you're a spammer, you've just wasted your time - it won't get posted.

Popular posts from this blog

Henry VIII Novices’ Chase

It's not just about the Tingle Creek tomorrow at Sandown, there's a Grade 1 Novice Chase amongst the rather decent supporting card. Lining up for the preview is astute NH enthusiast Sam Tribe, @samtribe87.

---------------------

Racing Post Henry VIII Novices’ Chase
Grade 1 Chase, 2 Miles
Sandown 13:50
Likely going Soft, Good to Soft in places


With doubts concerning the fitness of last year’s Queen Mother Chase winner Sire De Grugy and of the two mile chase king Sprinter Sacre (despite bullish remarks from Henderson) there is a chance for another to step into the limelight. Both have won the feature race of the day, The Tingle Creek Chase and that will more than likely throw a few into the hat. However, I have chosen to take a look at the Henry VIII chase, which was changed to a grade 1 in 2011 and has been won by some nice prospects in the past (Somersby and Al Ferof to name but a few). Let’s hope that a potential Champion Chase contender of the future will feature in this …

lay the field - my favourite racing strategy

Dabbling with laying the field in-running at various prices today, not just one price, but several in the same race. Got several matched in the previous race at Brighton, then this race came along at Nottingham. Such a long straight at Nottingham makes punters often over-react and think the finish line is closer than it actually is. As you can see by the number of bets matched, there was plenty of volatility in this in-play market. It's rare you'll get a complete wipe-out with one horse getting matched at all levels, but it can happen, so don't give yourself too much risk...

Kentucky Derby preview

It's America's big day of racing, where 90% of them will be there to be seen and most won't have a clue what difference Churchill Downs Inc's latest takeout hike does to shaft them on every bet placed. Throw in the standard arguments about race-day medication in the US and the recent New York Times/PETA expose on yesterday's Oaks-winning trainer Steve Asmussen, and racing in North America could be in better health.

Still, it's one of the elite races and great occasions of the world, and stepping up to the plate is Jon da Silva again, @creamontop, with his preview in a very American style. (No I don't understand Brisnet figures either...)

------------------------------

The Kentucky Derby Presented by Yum Brands

They say you should avoid food additive E-numbers which you can’t with Yum Brands…

Yum! Brands, Inc. or Yum! is a United States-based Fortune 500 corporation. Yum! operates or licenses Taco Bell, KFC, Pizza Hut, and WingStreet restaurants worldwid…