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Betfair will not rule out a move to Overseas

By admin on 2009-08-08 15:55:13

After Ladbrokes and William Hill both announced the move of their online betting operations to Gibraltar this week now it is the turn of Betfair. CEO David Yu said he had no immediate plans to relocate but at the same time refused to commit to staying in the UK if the gaming tax situation did not change. As Betfair already uses Malta as a base for non UK business a move would not seem to be difficult. Mr Yu who announced strong results for the year with revenues growing by 27% and profits up 29% to $121 million said “this has been a phenomenally successful year for Betfair”.” We have stayed on the  path of sustainable long term growth , even in recession”. Given as reasons for the performance were International expansion and the competitive advantage of its core betting exchange. Exchange betting is not yet allowed in the USA but you may recall that in January Betfair paid $50 million for Television Games Network the largest betting business in the USA; that makes Betfair extremely well positioned should legislation change in the future.

The results also triggered renewed rumours of an IPO (Initial Public Offering) which Mr Yu was quick to deny stating that the company was debt free and had cash of £133 million so had no need of fresh capital.