Bernard Arnault is the 14th richest person in the world with an estimated net worth of $16.5 billion US dollars. (Forbes). In 2007, Arnault was listed among Time magazine’-s 100 Most Influential People in The World. No bad thing for Betfar then, that Europeatweb, an internet-based fund controlled by Arnault, holds a 10 per cent stake in the company.
In August 2009 it was reported that Betfair would be allowed to apply for a betting licence in France, ahead of the partial liberalisation of the French betting market in 2010. It was said that Betfair’-s application had been approved by the French authorities, after heavy lobbying by Arnault.
Fast forward to October 2009 and it looks like Betfair will be excluded from the newly liberalised French betting market. A surprising defeat for Arnault and a major shock for Betfair.