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Betfair's (BET) chronically mis-priced initial public offering two years ago means investors who bought into the company's promises of rapid growth will be sitting on a paper loss of about 50 per cent. However, in his first public outing since assuming the reins in August, new chief executive Breon Corcoran laid out a strategy that aims to claw back the company's position in the UK, keep out of non-regulated markets and reorganise the business to broaden its appeal to more casual punters. It is clear from management's sober tone that this will all take time and that investors should probably expect more impairments such as the £80.6m seen in these results before the process is completed. But at least the company now has a clear sense of direction - even if it's shy about talking to the press.