(MENAFN- PR Newswire)
GIBRALTAR , June 23, 2022 /PRNewswire/ -- Sports Trading Giant Tech Sport Global has posted a record year of trade despite a 40 year inflation high in UK thanks to huge influx of clients turning their attention to alternative markets.
The Gibraltar-based group saw its revenue surge by 22 per cent to $315million last year, with around three-quarters of takings deriving from its unregulated and tax free markets, which now include UK.
The Office for National Statistics said Wednesday that consumer price inflation rose slightly from 9% in April, itself the highest level since 1982.
Chief economist Grant Fitzner said 'continued steep food price rises and record high petrol (gasoline) prices were offset by clothing costs rising by less than this time last year, and a drop in often fluctuating computer games prices.
Business-to-consumer trade provided the bulk of that expansion as revenues from sports trading jumped by 24 per cent. Stiff trading restrictions on betting outlets in 2020 and the early part of 2021 in response to the coronavirus pandemic meant punters had to go online to make a bet, and therefore heavily benefitting sports trading companies like Tech Sport Global as a consequence.
Chief executive Brad Roby said: 'I am pleased to report another year of record revenues alongside these important strategic milestones, delivering double-digit revenue growth despite a very tough comparative period.
'This performance reflects the continued success of our data-driven investments and execution against our product-leadership focus that delivers ongoing improvements in the usability, quality and safety of our sports trading products.'
Millions of people in Britain, like those across Europe, are seeing their cost of living soar, in part driven by Russia's war in Ukraine that is squeezing supplies of energy and food staples such as wheat
The pressure is driving workers to seek substantial pay increases, a move the Conservative government argues could spark a wage-price spiral, driving inflation even higher.
The biggest surprise about Tech Sport Global is the fact that even though they are based in Gibraltar & United Kingdom, their big profits don't come from there but mostly from offshore countries that have little or no betting regulations which means they don't have to pay as much tax as they do in the United Kingdom. They are meticulous where they offer their services, and it is a strategic play overall as they can earn as much profit without needing to pay the high tax attached to their profit.
SOURCE Tech Sport
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