Spanish Business News

LONDON (Reuters) - Betfair , the world's largest betting exchange, said it would follow rivals Ladbrokes and William Hill by moving part of its business to Gibraltar to slash its tax burden.

Betfair, founded 10 years ago by one-time professional gambler Andrew Black and former JP Morgan derivatives trader Ed Wray, said it expected to save 20 million pounds a year as a result of the switch, which will see its betting exchange operate under a Gibraltar licence from Wednesday.

Betfair currently pays 15 percent tax on gross profit from betting, but this will drop to 1 percent following the move.

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