Betfair cuts tax bill with Gibraltar move

Betfair has taken a gaming licence in Gibraltar – a move that would have saved the gambling business more than £18m in tax last year.

The move means Betfair will not have to pay the UK’s gross profits tax for betting, which was introduced in the UK in 2001.

Moving its betting infrastructure to Gibraltar and Irelnad will cost Betfair £10m in the year ending 2012, but will positively impact on its EBITDA.

Betfair will “continue to support British horse racing” by committing the same amount of funding it has paid via the statutory levy, and maintains its incorporation in the UK – including its HQ base.

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