Ladbrokes Relocates

Thursday 5 November, 2009 11:52

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Following a decision to relocate its online operations to Gibraltar, the UK gaming group, Ladbrokes has announced that the move has officially been completed.

The announcement came two months ahead of schedule, as Ladbrokes had predicted that the move from the United Kingdom would take place by the end of the year.

Ladbrokes' decision to move its online sportsbook operations to the island of Gibraltar was made following the growing economic pressures placed on betting groups in the UK.

The event that finally pushed Ladbrokes to put its relocation plans into action was the announcement by rival William Hill that it would be moving to Gibraltar.

Ladbrokes, justifiably, believed that it simply could not compete against William Hill if it was still located in the United Kingdom and paying the tough 15% gross profits tax and the VAT on input costs, also set at 15%.

In addition, online sportsbetting groups need to pay the UK Horserace Betting Levy of 10% on all profits to British horseracing.

"Competing from the UK against offshore operators with significant tax advantages was unsustainable and we are very pleased that, having made the decision to relocate, we are doing so ahead of schedule," said the Chief Executive of Ladbrokes, Christopher Bell.

"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."

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