Betfair's share price is over-inflated - and still seems to be influenced by the high listing price achieved by the private equity group when they sold out to the market. (IPO at 1300 was as high as 1550p is now about 1045p)
Their EBITDA still remains in negative territory, as they aggressively persue growth at the expense of profitablity - so a dividend does not seem likely in the foreseeable future.
That's fine if you think that Betfair will manage to acheive this growth - but given the recent casino bonus fiasco and Betfair's badly managed response - I would not be surprised if Betfair continue to leak customers of the next 12-18 months as a result.
Reneging on a bonus - holding customers to the losses played (after bonuses withdrawn) and reaching into customers bank accounts - it's all the action of a company that has lost touch with it's betting base.
