Betfair considers offshore move

Betfair, the soon to be floated betting exchange, has drawn up plans to move its business offshore.

The group, which announced last week that its listing would value it at as much as £1.48bn, has denied it is to leave the UK. However, it is irked by offshore rivals marketing themselves to UK punters, while avoiding UK taxes.

A spokesman said: "If there is no movement on [the regulation of offshore bookmakers] the team has to make sure it has the right contingencies to run the business effectively. No decision has been taken on offshore."

Meanwhile, the company's listing prospectus admits that its new Dublin office – which will house around 100 staff – will "provide the Betfair Group with additional flexibility as the regulatory environment evolves". That has been interpreted as a message for the Department for Culture, Media and Sport, which is looking at responses to a remote gambling consultation which began in March.