Betfred seeks Spanish licence to accompany new Ceuta office
Betfred has applied for a Spanish licence as it looks to break into the market. The operator recently announced it is to open an office in Ceuta, Spain.
The new office was announced this year, though there were few details offered by the operator. At the time, Betfred stated that its headquarters would remain in Gibraltar.
A number of operators are opening Spanish offices ahead of the enticing new tax cuts introduced by the Spanish government last year. Gambling tax was slashed from 25% to 20%, while Ceuta was authorised to offer even lower tax rates, along with lower corporate tax and VAT rates.
Taxes in Ceuta are set at 10% of net profit, while corporate tax is 7.5% for the first two years, rising to 12.5% afterwards. Firms operating out of the area will also receive a huge 75% cut in wealth tax, 50% discount form local taxes, and also a 60% reduction on income tax.
However, for all these cuts to apply, firms must use local technology suppliers, and their businesses must consist of at least 50% local employees.
Betfred’s Spanish operation, should the licence be awarded, would be ran from the Ceuta office.
A spokesperson from Betfred said:
We applied for a licence in December and once awarded we will be hosting our Spanish operations from Ceuta. The tax regime is very favourable for the Spanish market and it will definitely complement our Gib operations.–Statement, Betfred
It emerged this week that Betfred wold be extending its existing partnership with OPTIMA to apply to its Spanish operation. OPTIMA will supply its Omnichannel Player Account Management and Sports Betting System (OPTIMAMGS).
Speaking about the partnership, Jacob Lopez, CEO of OPTIMA, said:
It is a pleasure working with the very knowledgeable Betfred team side by side. We are delighted that the Betfred management team appreciates the work our teams are doing in the United Kingdom, where they are one of the leading omnichannel operators. The flexibility of our platform to adapt to different markets; the great combination of our Sports Betting and e-Gaming Omnichannel platform technology, together with Betfred’s sports betting and gaming expertise, will bring a leading international operator to the top of the Spanish market.–Jacob Lopez, OPTIMA CEO