Sportingbet Moving To Channel Islands
Published: Wednesday, March 28, 2007 Online-Casinos.com
SPORTINGBET SET TO MOVE
UK betting group has the Channel Isles in mind
Uncertainty surrounding the precise operational requirements of the UK's 2005 Gambling Act has been cited by the British online gambling group Sportingbet plc as the reason for its decision today (Wednesday) to move to the Channel Islands.
The announcement advises interested parties that: "Given this uncertainty, and with ever limited time remaining to adopt the eventual requirements, the Board has now concluded that its most prudent course of action is to transfer those activities that it anticipates may be covered by the Act to a jurisdiction that has a more defined regulatory environment.
"This is likely to include the Group's European management team, and the European trading and marketing operations. The Group already holds a license in the Channel Islands granted by the Alderney Gambling Control Commission and will be moving its licensable activities from the UK to the Bailiwick prior to 1 September 2007.
The transfer of the Group's core operation to the Channel Islands and the previously announced move of the Group's customer service function to Dublin are expected to result in an exceptional cost of approximately GBP13.5 million in the year to 31 July 2007.
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