BetsForTraders.com Opens Isle of Man HQ
June 19, 2007admin No Comments »Online Financial Bookmakers BetsForTraders have opened their global headquarters in Douglas, Isle of Man.
BetsForTraders offer fixed odds betting on stocks, stock indices and foreign exchange via a real-time web dealing interface to a predominantly European and Asian client base.
The company’s senior management recently moved to the Island from New York City to pursue the private equity funded venture having decided that the Island was by far the leading offshore jurisdiction for e-business. With backgrounds in Hedge Fund Management and Computer Science the founders focused their jurisdiction selection on local laws, taxation and level of workforce education.
Joe Paterson, company spokesman said, “We found that the solid banking industry in the Isle of Man provided a fantastic recruitment ground for administrative, payments and help-desk staff. The local labour market is well trained in managing financial transactions and providing the first class customer support that we insist on offering.
The Isle of Man tax regime empowers us to hedge the risk that we accumulate in the course of business. If we located the Company in a jurisdiction where tax was payable on trading gains then our hedges would be rendered ineffective. We would have to hand over a large chunk of the money we earn in the markets to offset our client’s gains to the tax man. By locating in the Isle of Man we are able to pass on the benefit of our low trading costs and an advantageous tax regime to our clients in the form of better odds. Our clients are intelligent people, many of whom make a lot of money in the markets, they demand good odds and we are pleased to be in a position to offer them. Fixed odds financial betting, otherwise known as binary betting, is the speculation method of choice for many punters, unlike spread betting there is no possibility of losing more than your stake on any single bet but the potential for profit is significant”
Tim Craine, the Government’s E-Business Director commented that “the arrival of BetsForTraders is a further boost for the e-business sector and is further evidence of the broadening of the e-business base. We find increasingly that companies such as BetsForTraders are selecting the Isle of Man as their preferred base of operations after carrying out due diligence on a range of possible locations.”
Having settled in to running the business from the Island the Company now plan to expand their product offering with a new range of bets on commodity prices and international interest rates. No date has yet been set for the new product launch but Ryan Kneale, a Client Service Executive for the company said “We get so many requests for these and other more exotic markets on which punters wish to bet that it is only a matter of time – as liquidity providers in the financial betting space we are continuously innovating to meet demand. Our pipe-line of new products and services is continuously growing”
Tags: financial betting
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