Irish bookmaker Paddy Power has announced that it intends to relocate its London-based telephone betting service to the Isle of Man, in order to take advantage of the more attractive tax regime.
The bookmaker has also decided to base its online casino away from the UK mainland, although it has decided to locate it in the Channel Island jurisdiction of Alderney, which does not levy betting taxes. Analysts have estimated that this operation could generate up to 10% of Paddy Power’s internet revenues in its first twelve months.
Paddy Power plc was the first Irish bookmaker to venture into the online gambling market and is listed on both the London and Irish Stock Exchanges. It achieved a record 46% increase in turnover to 673.8m in 2002 (up from 461.1m in 2001).
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