Feeds

Betfair backs Gibraltar

Keeping UK HQ though

Boost IT visibility and business value

Online betting exchange Betfair will work under a Gibraltar licence from tomorrow – but the move won't hit UK jobs.

The company will stay incorporated in the UK and continue to pay UK corporation tax, it said, adding that no jobs would be lost. Betfair has offices in Hammersmith, Stevenage and Halifax.

The firm said it had moved key systems to Dublin and Gibraltar in recent months and opened new offices in both places, which together employ about 120 people.

A spokesman for Betfair said: "We're staying incorporated in the UK and will continue to pay UK corporation tax and employ 1,200 people here."

The company will also continue to paying the same amount to support British horse racing.

Bad weather in December meant there were 4 per cent fewer horse races in the UK than normal – this led to a small decline in Betfair's horse-racing revenues.

In an update to markets this morning, Betfair said revenues for the three months ended 31 January 2011 were up 6.2 per cent to £77m. Betfair shares are up 3.4 per cent on the news.

Betfair operates in the United Kingdom, Malta, Gibraltar, Italy, Australia and the United States.

The spokesman said recent changes to US legislation would be good for Betfair's business.

New Jersey passed an online exchange wager regulation at the end of January and will soon open bidding for licences – California has passed a similar law. ®

Build a business case: developing custom apps

More from The Register

next story
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.