Paradise Poker Parent Sportingbet to Move to Channel Islands
Paradise Poker Parent Sportingbet to Move to Channel Islands posted by: PokerLOG on 29 March 2007
Sportingbet Plc, parent company of Sportingbet Poker and Paradise Poker, announced yesterday that it will transfer operations that they anticipate will come under the UK's 2005 Gambling Act from the UK to the Channel Islands, "a jurisdiction that has a more defined regulatory environment."
The company cited uncertainties surrounding operational requirements of the UK's 2005 Gambling Act as the reason for their move offshore. The Channel Islands have different laws and financial regulations from the UK mainland.
The affected operations will include the Group's European management team, and the European trading and marketing operations.
The company will move all licensable activities from the U.K. to the Channel Islands by Sept. 1.
The transfer of these operations 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 GBP 13.5 million (USD$26.5 million or 19.9 million Euros) in the year closing 31 July 2007.
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