Betfair has taken a gaming licence in Gibraltar – a move that could have saved the gambling business more than £18m in tax last year.
The move means that Betfair will not have to pay the UK’s gross profits tax for betting, which was introduced in the country in 2001.
Moving its betting infrastructure to Gibraltar and Ireland will cost Betfair £10m in the year ending 2012, but will affect its EBITDA positively.
Betfair will “continue to support British horse racing” by committing the same amount of funding it has previously paid via the statutory levy, and will maintain its incorporation in the UK, including its HQ base.
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