LONDON, Dec 6 (Reuters) – Bookmakers are preparing for a
tax avoidance crackdown on online gambling in Britain that will
cost the industry 300 million pounds ($490 million) a year,
putting a brake on the fastest growing part of their businesses.
Many bookmakers have set up internet operations in
territories such as Gibraltar, allowing them to sign up British
gamblers while benefiting from benign local tax regimes.
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LONDON (Reuters) – Online gambling company Betfair (BETF.L: Quote, Profile, Research, Stock Buzz) said it was looking to grow its business in Italy and the United States after having pulled out of a number of countries because of unfavorable regulations and tax rates.
Betfair, which operates an exchange that allows gamblers to bet against each other, has been slimming down its operations and cutting costs under chief executive Breon Corcoran, seeking to focus on fewer markets where returns are more secure.