GIBRALTAR (Agencies) Betfair, the world's largest betting exchange, is moving part of its business to Gibraltar to cut its tax burden by a reported £20,000,000 a year. Founded 10 years ago by one-time professional gambler Andrew Black and former JP Morgan derivatives trader Ed Wray, Betfair said it expected to save 20 million pounds a year as a result of the switch, which will see its betting exchange operate under a Gibraltar licence from Wednesday. Betfair currently pays 15 percent tax on gross profit from betting, but this will drop to 1 percent following the move. According to CEO David Yu, the company is seeking to avoid the 'double taxation' it faces paying in the UK>
