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UK gambling tax puts us at disadvantage, says Betfair

5 Aug 2009

LONDON, England -- As reported by The Guardian: "Betting exchange group Betfair, Britain's largest online betting business, has become the latest bookmaker to publicly attack the Treasury's online gambling tax rates and refused to rule out a move offshore.

"The privately owned firm, one of Britain's most successful internet startup companies, issued a thinly veiled threat to move its UK business to Malta should the competitive disadvantage of paying tax in Britain worsen.

"The chief executive, David Yu, said Betfair, which already channels almost all of its non-UK business through low-tax operations in Malta, remained committed to the UK and had no plans "at the moment" to move.

"...Yu's comments came after William Hill yesterday confirmed it is moving its online business to Gibraltar, shattering a 2001 "gentleman's agreement" with the Treasury not to do so. Ladbrokes is expected to respond with a similar move..."

 
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