Betfred gets green light to operate in Spain

Warrington-based betting company Betfred confirmed today it is to enter the Spanish market.

It applied for a Spanish licence in February this year, as it looked to break into the overseas market.

The operator announced at the time that it would open an office in Ceuta, Spain.

It confirmed today that it has been granted licences to operate an online sportsbook and a casino.

Chief operating officer Mark Stebbings said: “This is an exciting opportunity for Betfred and the Spanish licence is part of our ongoing expansion strategy.

“There is clearly a real passion for sport, especially football, in Spain and we share that passion here at Betfred.

“We believe we bring the necessary expertise but also heritage and trust to this expanding market.”

Betfred said it brings more than 50 years’ experience in the betting industry to the Spanish market, operating in excess of 1,600 high street shops in Britain and a rapidly-increasing online business.

A number of operators are opening Spanish offices ahead of enticing new tax cuts introduced by the Spanish government last year.

Gambling tax was slashed from 25% to 20%, while Ceuta was authorised to offer even lower tax rates, along with lower corporate tax and VAT rates.

Ceuta is close to Cadiz, near the Strait of Gibraltar.

Taxes in Ceuta are set at 10% of net profit, while corporate tax is 7.5% for the first two years, rising to 12.5% afterwards.

Firms operating out of the area will also receive a huge 75% cut in wealth tax, 50% discount form local taxes, and also a 60% reduction on income tax.

For these cuts to apply, firms must use local technology suppliers, and their businesses must consist of at least 50% local employees.

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