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Betfair now operating under a Gibraltar licence

Posted 3/8/11 : Gambling firm's latest results contain a surprise.
 
In its third quarter results released this week, UK-based online betting exchange and gaming operator Betfair announced that its betting exchange will begin operating under a Gibraltar licence from 9 March 2011.
 
The firm currently pays 15 percent tax in the UK on gross profit from betting as opposed to 1 percent when it begins operating under its Gibraltar licence.  The move follows rivals William Hill and Ladbrokes who have already relocated part of its businesses to Gibraltar to avoid the high taxes set by the UK Government.
 
The company intends to continue employing approximately 1200 people at its offices in the UK but announced the move of key technical equipment and 120 staff to new offices in Gibraltar and Dublin as part of a wider restructuring.  The new offices will run in parallel to the existing ones but will be consolidated in 2012.
 
In the year to April 2012, Betfair expects to save GBP 10 million, thereafter further benefits of the move will kick-in and annual savings of GBP 20 million are expected.
 
David Yu, Chief Executive Officer, Betfair commented: “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.”
 
Betfair’s third quarter results showed a 20.5 percent drop in poker revenue amounting to GBP 5.2 million, sports revenue up by 8.6 percent to GBP 56.6 million, games up 8.2 percent to GBP 14.3 million and an overall revenue result of GBP 77.0 million representing an increase of 6.2 percent on the same period last year.
 
Commenting on the Q3 performance and current trading, David Yu, Betfair’s Chief Executive Officer, said:
 
“We are pleased with the growth we achieved in the third quarter, especially from football and Games. Marketing efficiency continued its improving trend, resulting in a lower cost per acquisition again this quarter whilst also showing strong growth in active customer numbers.
 
“We have made a good start to Q4. Following the successful migration of our technology infrastructure to our new data centre in Ireland, we are rolling out a planned series of major improvements to our Sports betting product which will help to drive revenue growth in Q4 and into FY12.  We remain confident that we will deliver an outcome for the current financial year within the range of market expectations.”

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Gambling News :

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

Dollars to Donuts Slot Launch - Firstly, it's a classically styled, easy playing 3-reel with five pay lines featuring a traditional icon set of bars and sevens.

Secret Symbol Slot - RTG will soon release 'Secret Symbol', a 5 Reel Video Slot on 3/15/2017.

Microgaming is set to release three exciting new games in March - Pollen Party will literally have players buzzing with excitement as the ground-breaking, 720 way variable reel online slot is brought to life in a unique honeycomb reel layout.

NBA Odds: Resurgent Clippers Face Warriors in Oakland - After a much-needed lineup shuffle, the Los Angeles Clippers (29-27 SU, 35-21 ATS) carry a four-game SU and ATS winning streak into Thursday’s game against the best team in the NBA, the Golden State Warriors (47-9 SU, 27-27-2 ATS). Tip-off is at 10:30 PM ET on TNT.

NBA Odds: New-Look Pelicans Host Rockets on Thursday - The New Orleans Pelicans just hosted the All-Star Game and saw their very own Anthony Davis win the MVP. But the celebration was brief because the next day, the Pelicans made a huge trade,

PokerStars.CZ has launched in the Czech Republic - PokerStars.CZ has launched in the Czech Republic, becoming the first licensed online casino and poker operator under the Czech Republic’s new gaming regulation. This follows on from the approval by the Czech State Supervision of Gambling and Lotteries Department.

Luckia Games in Partnership with NYX Gaming Group - NYX will provide Luckia with its open gaming system, NYX OGS, and open platform system, NYX OPS, to support the growth of its established Spanish operation.

Sunbets to Sponsor Sutton United - Online betting operator Sun Bets has inked a one-off sponsorship deal with English association football club Sutton United for its upcoming televised clash against Arsenal FC in the FA Cup fifth round tie.

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