Betfair expecting new Spanish licence
Betfair, the online betting exchange operator, has said it expects to be awarded a licence covering its sportsbook and certain casino products when the Spanish government issues a first wave of online gaming licences in early June.
Betfair, the online betting exchange operator, has said it expects to be awarded a licence covering its sportsbook and certain casino products when the Spanish government issues a first wave of online gaming licences in early June.
The company also plans to apply for a poker licence shortly after.
Under the terms of the licences, operators will pay a gross gaming revenue tax of 25% on Spanish operations - a tax that Betfair has already been paying since May 2011 when Spain's new gambling act was introduced.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
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
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 sportsbook until exchange licences are issued.
The Spanish regulator has recently reiterated its intention to regulate exchanges and slots in a second wave of licensing, the process for which is expected to begin once the initial licences are issued.
The company also said it would be making a payment of not more than €10m in relation to operations made between January 2009 and May 2011 as a result of historic laws.
The share price fell 1.29% to 725,50p by 15:43.
NR
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
-
Revolut finally bags a UK banking licence – what next for the challenger?
Revolut has finally been granted a UK banking licence following three years of negotiations with the regulator
By Kalpana Fitzpatrick Published
-
Could Labour impose a “double death tax” of more than 50%?
Speculation is mounting that capital gains tax will be reformed in the Budget - and one option is to charge bereaved families the tax on top of inheritance tax. We explain how it could work
By Ruth Emery Published