INVESTMENT GROUP Balderton Capital, whose partners include Irishman Barry Maloney, made £5.3 million yesterday from the sale of part of its stake in online gaming firm Betfair, which floated on the London stock market.

Balderton is set to sell an additional 61,000 shares as part of the exercise of a so-called overallotment option within 30 days.

This would net it another £793,000. Balderton’s 3.95 per cent stake in Betfair was valued at about £65 million yesterday after a busy day on the London Stock Exchange.

Betfair listed at £13, but closed the day up 19 per cent at £15.50. The company raised £211 million from the initial public offering.

Bloomberg reported it was the best first-day performance for a flotation in London since Max Property surged 30 per cent in May 2009.

Balderton sold 408,423 shares in Betfair yesterday, which reduced its stake to 4.01 per cent. This will reduce further to 3.95 per cent with the exercise of the overallotment option.

Balderton has agreed not to sell its remaining Betfair stock for 180 days as part of an arrangement with large shareholders and senior directors and managers.

Balderton invested in Betfair when the company launched in 2000, putting about $14 million into the business at the time.

Commenting on Betfair’s flotation, Mr Maloney said: “We love the story behind the company and we feel it still has some way to go.”