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

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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
8 of the best riverside properties for sale
The best riverside properties for sale – from a Grade II-listed former mill house with views over the River Chelmer in Essex, to a townhouse on a Georgian terrace overlooking the Avon Gorge in Clifton, Bristol
-
Will “Liberation Day” strike again?
Donald Trump’s 90-day tariff pause comes to an end on 9 July. Can we expect further market turmoil?