UK-BASED GAMING operator, Betfair has confirmed that it will follow the lead it competitors and locate in Gibraltar thus avoiding the 15% tax on gross betting profits. The move looks set to save the company more than £18m and seems to have been prompted by poor trading results. Analysts have predicted that the company was adversely affected by a loss of horse racing fixtures due to bad winter weather. However, the pressure to move offshore has been increasing steadily as Betfair looked increasingly out of step with rivals Ladbrokes and William Hill who made the switch to avoid a level of tax they consider prohibitive. - 8/3/2011
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