According to Mark Stebbings, the chief operating officer of Betfred Group, the company’s expansion in Spain is an exciting opportunity for the operator, as the Spanish licence has been part of Betfred’s current expansion strategy.

While preparing for its entry into the Spanish gambling sector, last January Betfred confirmed that a new operations hub had been established in the autonomous city of Ceuta to support its already existing operations in Gibraltar. Apart from that, an operation in Spain would undoubtedly help the British gambling company to keep its positions in the region, considering the fact that the fate of BREXIT still remains unknown, and so does the future of Gibraltar as a major gambling hub.

The news for the expansion of the British gambling operator in Spain comes at a time when a number of companies have already been reported to be seeking permission to enter the Spanish gambling sector after the country’s Government has announced new tax cuts for gambling operators.

The Spanish authorities confirmed that they would slash the online gambling tax rate from 25% to 20%. The city of Ceuta that is to host the Spanish office of Betfred, on the other hand, was given permission to offer even lower tax rates to gambling operations, along with lower VAT and corporate tax rates. The gambling tax rate in Ceuta is 10%, and the corporate tax rate is reduced to 12.5%.

12-07-19 PANORAMAdailyGIBRALTAR