Betfair to avoid UK gambling levy

Betting company Betfair will operate under the Gibraltar gambling license.

Betfair will avoid the UK's 15% tax on gambling profits, which will save them a reported £18.5m a year, though the company have not officialised this figure.

The company claim that in 2012 profits will improve by around £10m after the shift to working under a Gibraltar gambling license. Staff will not be relocated.

As a result of the increased profits, Betfair stated that they could invest in improved technology and customer support. They will also continue paying the UK horse racing levy.

Betfair also reported 6.2 per cent growth compared to the same period last year.

In January Northamptonshire Police announced an £18.5m cut in funding, with the loss of 100 officers over 4 years.