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Betfair Staying In The Uk
Speculation that Betfair may use the release of its latest numbers to announce a departure from Britain to a more tax-lenient jurisdiction like Malta was halted today (Wednesday) when CEO David Yu said that the group has no plans to move at the the moment.
However, Yu was outspoken in saying that the UK government's 15 percent tax on Internet gambling profits was "not ideal", putting Betfair at a competitive disadvantage....and he declined to entirely rule out the possibility of a future move to Malta should the tax position worsen. The company already channels much of its non-UK business through the Mediterranean island.
Betfair's decision comes after William Hill plc announced that its online gambling operations would be moving to Gibraltar for tax reasons. The Ladbrokes position is expected to be revealed Thursday when it releases its half-year results. It is not yet known what Gala Coral or the Tote will do.
Betfair released positive financial results for the year to 30 April showing an operating profit up 29 percent to GBP 72 million, despite a heavy overseas investment programme. Revenues have doubled in three years to GBP 303 million and the company has net cash of GBP 133 million. Much of last year's growth came from outside the UK.
Finance director Stephen Morana revealed that betting exchange operations in the UK again achieved double digit growth during the year, and that Betfair was matching an average of 6.4 million transactions in real time every day – more than every stockmarket in Europe.
The company reported a 20 percent jump in its sports operations and 31 percent growth in its games division
Active users increased by a quarter in 2009, while customers based outside the UK accounted for 49 percent of total revenue. Betfair now has 652 000 registered users, who have around GBP 240 million in their online accounts.
“We are delighted that our three-year investment plan has been so successful," said Morana. "In that period, the business has doubled in size. We believe our strong balance sheet, with no debt, makes us very well positioned to take advantage of further opportunities as they arise, in particular our US [TVG] venture and planning towards World Cup 2010.”
The company now holds licences in the UK, Italy, Malta, Germany, Austria, the US and Australia, and its $50 million acquisition this year of the US-based TVG Network positions it favourably to benefit from any US legalisation of online gambling.
PartyPoker Rakebak -
Partypoker brings back rake back for players. All new ‘partypoker weekly Cashback’ launches.
NHL Odds: Lone Canadian Team Plays on Friday -
“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.
PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
NHL Predators First Ever Conference Finals Appearance -
With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.
NBA Odds: Wizards-Celtics at the Garden -
The Washington Wizards are making this a series. They’ve won back-to-back games against the Boston Celtics to knot this second-round matchup at 2-2 with Game 5 at the Garden on Wednesday. TNT has the coverage starting at 8 PM ET.
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