Betfair confirms Spanish gaming licence
Online betting exchange Betfair has confirmed it has received an online gaming licence from the Spanish government.
Online betting exchange Betfair has confirmed it has received an online gaming licence from the Spanish government.
The move had been anticipated since the end of May but the decision sees the final stage of a process begun in the Spring of last year, when Spain's new gambling legislation was first introduced.
Following the receipt of the initial licences, Betfair's Exchange will be made unavailable to Spanish customers, who will be transferred to Betfair's new sports-book until exchange licences are issued.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company, along with its peers, will pay a gross gaming tax of 25% on its Spanish business, having already paid out around €10m in respect of operations between 2009 and 2011.
The likes of Ladbrokes, 888 Holdings, bwin.party digital and Sportingbet announced they had won Spanish e-gaming licences on June 1st.
BS
-
Parental contributions to kids' university living costs could reach £14,000 a year
Parents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
By Oojal Dhanjal Published
-
Rightmove: property asking prices hit record high
News Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
By Marc Shoffman Published