Feeds

Betfair backs Gibraltar

Keeping UK HQ though

Bridging the IT gap between rising business demands and ageing tools

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. ®

Application security programs and practises

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
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 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.