Posts Tagged gibraltar
Betfair switches to Gibraltar
Posted by Peter Webb in Bet Angel on March 8th, 2011
Betfair released an interim management statement today detailing the following results: -
Overall Core Betfair revenue up 6.2% on Q3 FY10 to £77.0m
Core Betfair Sports revenue up 8.6% to £56.6m
Core Betfair Games revenue up 8.2% to £14.3m
Core Betfair Poker revenue down 20.5% to £5.2m
Further down the statement they slipped in the following announcement: -
Betfair announces that, with effect from 9 March 2011, its Betting Exchange will operate under a Gibraltar licence.
In recent months, Betfair has undergone a period of significant restructuring and has now transferred the majority of the key systems for its Betting Exchange from the UK to Gibraltar and Dublin. The Company has also opened new offices in both Gibraltar and Dublin, together employing over 120 people. Betfair continually strives to create the best technology platform for the business. This revised structure will provide the Company with the freedom to locate key technical equipment in more efficient locations in order to improve service to customers and compete on a level basis in the UK market.
Betfair will continue to support British horse racing by committing the same amount of money to the sport that the Company has been paying via the statutory levy for the remainder of the 49th Levy Scheme and on the terms set out for the 50th Levy Scheme.
William Hill to move to Gibraltar
Posted by Peter Webb in Bet Angel on August 4th, 2009
As discussed by Scott , Will Hill have confirmed this morning that they are going to move their business to Gib. Full press release available by clicking this text.
With the government keen for tax revenue and the horse racing industry desperate for levy revenue this is a bitter blow. But also, this is likely to trigger a move by competitors to follow suit. At the end of the day if some people are paying less tax and levy, gaining a competitive advantage, then management should act. I think this is why others will now follow suit, most have businesses already set up to do the same.
Incidentally, we have paid a bundle of tax in our time to HM Revenue services. But we note that other people in the same area are not doing so. At the end of the day, while nobody likes paying tax, it is an important part of the fabric of society and I believe everybody should pay their dues. I think that in an increasingly globalised world with low barriers thanks to tele-communciations this is a challenge for regional governments.