Betfair Threatens to Leave United Kingdom
The world’s largest online betting exchange, Betfair, which went public earlier this month and is valued at £1.4bn, is threatening to exit the United Kingdom over the The British Horseracing Authority (BHA) “unreasonable” racing levy.
CEO David Yu told a Sunday newspaper Betfair would be “happy to be licensed and to pay sensible tax but if we don’t see movement we’d have to consider what’s right for the business over the long term.”
In recent months, Betfair rivals William Hill and Ladbrokes have both moved their online gambling businesses off shore to nearby tax havens like Gibraltar.
In addition to the horse racing levy, gambling firms in the UK are also required to pay 15 percent in taxes.
What we have to consider is that many others have gone offshore and we don't think that is a fair and level playing field right now. We've been engaged in a dialogue with the government and what we would hope is that we can find a way for that playing field to be levelled,” Yu told the Telegraph on Sunday.
- Aaron Goldstein, Gambling911.com
