QuinnBet, the bookmaker owned by the family of businessman Seán Quinn, will begin operating from Gibraltar on Wednesday following a planned move to the jurisdiction, favoured by many betting companies.
The online bookie’s owners include Brenda Quinn, a daughter of Mr Quinn, and his 11 grandchildren, whose shares in holding company QuinnB Sports are held in trust. Mr Quinn himself has no involvement in the operation.
QuinnBet told its customers in the Republic and UK recently that it intends moving to Gibraltar, the disputed British territory at Spain’s southernmost tip.
That notice informed clients that the bookie would begin trading from there from Wednesday, March 1st.
According to a report in online news magazine the Currency, the move will not affect its Irish or UK licences, or its presence in either country. Its Gibraltar entity will be licensed in that jurisdiction.
The company told the digital publication that its Cavan headquarters, which now employs about 40 staff, would continue growing despite the move.
Gibraltar’s licensing and tax regime is popular with the betting industry. Big players including Bet365 and William Hill have a presence there, partly because of its links to Britain, from where QuinnBet draws much of its business.
Irish-headquartered Paddy Power and Betfair have subsidiaries licensed in Malta, another popular base for gambling businesses.
Gibraltar’s status also means that there is a large number of workers there with experience and the skills needed to work in the online betting industry.
It is understood that QuinnBet has improved on the performance that saw it report turnover of €8.8 million and profits of €1.67 million for 2020.
QuinnBet intends to continue trading in the Republic, where all bookmakers face a shake up in the outdated laws governing their industry later this year.
The new rules will require that they hold a licence from the gambling commission that upcoming legislation will formally put in place.
That regime will include new protections for consumers and problem gamblers by which all players will have to abide.
Sanctions will include fines and possible loss of licences, which would prevent those businesses from continuing to trade here.