Betfair moves to Gibraltar
Monday, March 14, 2011
Betfair moves to Gibraltar
According to the Betfair interim management statement of 8th March 2011, Betfair is moving its exchange, previously located in the UK and under the UK Gambling Commission, to Gibraltar:
Betting Exchange to operate under a Gibraltar licence with effect from 9 March 2011
David Yu, Betfair's Chief Executive Officer, said:
As a global, technology-led betting operator, our new operational base in Ireland and the change to our licensing structure provides us with increased flexibility. It allows us to locate key technical equipment in more efficient locations, to serve our customers better and to compete on the same basis as the majority of operators in the UK online betting market.
David Yu, Betfair's Chief Executive Officer, said:
As a global, technology-led betting operator, our new operational base in Ireland and the change to our licensing structure provides us with increased flexibility. It allows us to locate key technical equipment in more efficient locations, to serve our customers better and to compete on the same basis as the majority of operators in the UK online betting market.
Clearly there are substantial taxation benefits, as gambling companies pay 15% tax in the UK and only 1% in Gibraltar. However, I can't help wondering if this is not at least in part connected to the Happy Hour fiasco - players had been considering the option of taking legal action in the UK on the basis that although Betair casino was located in Malta, the exchange was in the UK. This now looks extremely unlikely.
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