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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.
Gambling News :
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
NY Rangers vs. Devils on 12/21 -
When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.
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