Paddy Power Betfair Group have decided to end its licence and stop operations in Gibraltar. According to top executives, the reasoning of this decision was based entirely on cutting operating costs.
Nonetheless, many remain sceptical on Paddy Power Betfair's recent exit from Gibraltar and believe that the prime reason for shutting down shop, is attributed to the recent triggering of Article 50. No matter where the truth may lie, the British operator has already decided to relocate their offices in Dublin and London, within the coming month. Furthermore, Paddy Power offices in the Isle of Man have also been shut, a procedure that had started last June.
The Gibraltar government had this to say on the recent Paddy Power Betfair development: "It is clear from our relationships with the industry that Gibraltar remains the premier and first choice jurisdiction for the biggest and best operators in this industry. At present four operators licensed elsewhere in Europe are developing their applications to be licensed and located in Gibraltar. Whatever Brexit may produce for Gibraltar, Government will adapt its licensing and regulatory arrangements to ensure we remain the premier remote gambling jurisdiction."
Why choose Betfair
- More than 35 sports
- Cards & Corners
- 100+ live tennis markets
- Live Streaming
- 150+ horse races daily
- Telephone betting
- High winning limits
When it was established, back in 2000, the Betfair betting exchange revolutionized online gambling. It gave bettors the ability to compete against each other based on a poker or stock exchange model. Players can bet with very high limits and also cover their wagers with more fair conditions compared to the Cash Out feature that traditional bookmakers offer. Professional bettors can use the exchange as a tool to follow the market trends and sell their bets. The high liquidity almost guarantees that your bets will be traded. Betfair is up-to-date with the latest features, like Bet Builder and Request a Bet, and added a fixed-odds section, too. However, the sportsbook payout is below par. Although the market depth in the exchange is huge, it is not as it once was. The liquidity of less popular sports and leagues has decreased dramatically due to the inability of some countries to regulate the betting exchanges, which forced Betfair to exit strategic markets. Moreover, the commission fees are relatively steep compared to other exchanges, such as Matchbook or Smarkets. There are additional charges if you are a very successful trader. Overall, if you are looking to bet on the exchange, then Betfair is unrivaled to any other company.