Ladbrokes to make offshore move this week
Ladbrokes will complete the relocation of its online sportsbook to Gibraltar this week, nearly two months ahead of the schedule it set itself in August when it announced its decision to make the move.
LADBROKES WILL COMPLETE its relocation of its online sportsbook to Gibraltar this week, nearly two months ahead of schedule.
As reported on EGRmagazine.com, Ladbrokes announced the move at the time of its half year results in August, citing competitive pressures from low-tax operators such as Ireland’s Paddy Power and Gibraltar-headquartered Bwin.
While operating its sportsbook from the UK, Ladbrokes was subject to 15% gross profits tax and value added tax (VAT) on input costs (currently 15%), as well as a horserace betting levy at 10% of profits on British horseracing.
The bookmaker will, however, continue to pay corporation tax on profits from the Ladbrokes sportsbook.
Ladbrokes chief executive Christopher Bell said that the company had moved its sportsbook from the UK because competing against offshore operators with significant tax advantages was “unsustainable,” and had invested in enhancing its sportsbook ahead of the relocation.
Bell said: “We have used the opportunity to invest in improved technology, and in the weeks ahead we will be launching our very latest sportsbook that further improves our competitive position.”
Ladrokes has been shortlisted for UK Sports Betting Operator of the Year, Socially Responsible Operator of the Year, Poker Operator of the Year, Casino Operator of the Year, Bingo Operator of the Year, Affiliate Programme of the Year and Mobile Operator of the Year in this year’s EGR Awards. The winner will be announced at the EGR Awards gala dinner, which takes place at London’s Old Billingsgate market on 30 November, the first night of EGR Live, eGaming Review‘s free-to-attend conference and exhibition at the same venue.