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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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New Quick Seat feature at Ignition Poker - New Quick Seat feature at Ignition Poker.In order to ensure our poker players’ user experience is even more seamless, we’ve introduced a new feature in our poker software called Quick Seat for both Ignition Poker.

Finnish people prefer the government to run the casinos - Nordic countries have been, historically, the main markets for the online casino operators. The reasons for this are rather clear - these countries are very cold and people simply prefer to stay home and gamble than go outside to visit a casino.

New Era of Gambling. Now with Bitcoins. - It is not a secret that more than half of the bitcoin transactions have been related, at least somehow, to the online gambling activities.

NBA Odds: Chalk-Heavy Warriors Host Portland for Game 2 - The Golden State Warriors needed a strong fourth quarter to put away the Portland Trail Blazers on Sunday. But they still didn’t cover as 15-point home favourites in a 121-109 victory. Can they do better this Wednesday (10:30 PM ET, TNT) in Game 2 of their first-round playoff series?

Caesar’s Triumph Slot Launches - Caesar’s Triumph is new slot at Bovada that features the Roman dictator in all his glory. The action takes place on five reels where you’ll find 20 paylines and plenty of ways to spin your way to victory.

NHL Odds: Pacific Division Foes Face Off in Edmonton - The Edmonton Oilers will attempt to defend their home ice advantage this Friday (10:30 PM ET on Sportsnet) against the San Jose Sharks. The Oilers (47-26-9) finished second in the Pacific, while the Sharks (46-29-7) finished third, but only four points behind their First Round foes.

Bingo Cataratas Offers Unique Spin on Classic bingo - Bingo Cataratas (Spanish for waterfalls) is changing the way people think about bingo according to Bovada. Just because bingo is a classic with a huge following, doesn’t mean it can’t be spiced up with a fresh new format. Bingo Cataratas has the basic structure of bingo, but also has an “extra ball” feature and a bonus mini game.

NBA Odds: Hawks-Pacers in Regular-Season Finale - Depending on the results of Game No. 81, Wednesday’s regular-season finale (8 PM ET, ESPN) between the Atlanta Hawks and Indiana Pacers could decide whether Indiana reaches the postseason. It could also give the Pacers a higher seed than Atlanta in the Eastern Conference playoffs.

Microgaming April 2017 new games - Cool Buck and Mega Money Multiplier go live on Wednesday 5 April 2017. Both are available to Microgaming and Quickfire operators on desktop and mobile and come with in-game achievements and free games.

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