Posts Tagged levy
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.
NH Racing
Posted by Peter Webb in Bet Angel on January 29th, 2011
OK I know that the NH stands for national hunt, but it may as well mean No Horse Racing. If Racing wants to know why its industry is in decline take a hard look at today.
Another big race meeting is lost to weather. Some low quality and small fields at Lingfield which are of little interest. Those races go off five minutes before Cheltenham so little time to build up to the big races, then Cheltenham clashes with Uttoexeter which clashes with Fairyhouse. And racing wonders why people are not betting as much and generating Levy revenue?
Plenty of FA Cup football this weekend however and, of course, the Aussie open Tennis final. So I will spend more time on that instead.
I guess racing may wake up at some point and realise its 2011, until it does, it will continue to be in decline IMHO. OK I know winter isn’t great but this year has been terrible!
Levy debate starts in parliament
Posted by Peter Webb in Bet Angel on January 20th, 2011
Three hours of debate has just started in Parliament about the future of the Horse Racing levy. Tune into BBC Parliament to hear the MP’s debate: -
http://www.bbc.co.uk/iplayer/tv/bbc_parliament/watchlive