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Betfair Group (BET) Share Price Outlook LSE October 29

Shares for retail and online gambling company Betfair opened today at 1,180.00, up from yesterday’s closing price of 1,177.00.

While the day has been rather horizontal, marked with some upward movement, the last 6 months have been a clear indication of the rising value of Betfair shares, having risend by nearly 30% in the last half-year.

Brokers and analysts are pushing hold and buy recommendations for the stock as it has performed solidly over the last 3 years with a track record of growth at each milestone.

Activity on the trading floor today has been dominated by shares being sold, with a staggering 82.56% of total volume accounted for by shares sold.

Earlier this month UK courts implored the reining in of gambling institutions in regard to licencing and taxation. Recent gambling taxation laws that have come into effect are estimated to  cost institutions near £300 million annually, dramatically affecting stock values of the industry’s biggest brands.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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