International edition
August 04, 2021

In relation to Betfair Exchange

Paddy Power Betfair to challenge US62 M in tax bills

Paddy Power Betfair to challenge US62 M in tax bills
Separately the firm has been served with a Greek tax bill of US17 million for 2012-14.
Greece | 02/18/2019

A German court has ordered the firm to pay 40 million euros in relation to Betfair Exchange, which operated in Germany until November 2012, it said in a statement.

P

addy Power Betfair is to challenge tax bills from Germany and Greece worth a combined US62 million, the bookmaker said on Wednesday.

A German court has ordered the firm to pay 40 million euros in relation to Betfair Exchange, which operated in Germany until November 2012, it said in a statement.

Separately the firm has been served with a Greek tax bill of US17 million for 2012-14.

"The Group strongly disputes the basis of these assessments, and in line with the legal and tax advice we have received, is confident in our grounds to appeal," Paddy Power Betfair said in a statement. "We therefore intend to do so."

The firm is forecasting underlying core earnings of 600-618 million pounds for 2018, excluding losses at its newly merged U.S. sports betting business. It is due to publish its annual results on March 6.

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