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William Hill heading offshore

It will be announced today that internet operations of one of Britain's biggest bookmakers are being switched to Gibraltar in a measure to reduce tax paid from their financial statements. This will not go down well with the UK government who will lose out on a lot of tax revenue, nor the British racing industry which may suffer a significant reduction in levy payments. And if Hills go, will Ladbrokes do the same? Or Coral, or Betfair....?

Odds shorten on William Hill move offshore

Looks like a rather big loaded gun is being pointed at the Chancellor demanding change in taxation rates...
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Comments

  1. The Betfairy4 August 2009 at 09:40

    The government won't like that one bit. Part of the reasoning behind the laxing in gambling restrictions in this company was to entice betting companies to stay onshore, to turn the UK into a real home for such companies. The government knew well that gambling companies can operate from anywhere in the world and that they would have zero control over them; at least onshore there would be tax revenues and control.

    If Betfair stay, and I hope they do, they could well become the mainstay for British gambling.

    ReplyDelete
  2. Ronnie2ticks4 August 2009 at 16:10

    Should Betfair follow, will it mean a reduction in the commissions paid to them, as well as the premium charge after all a move should result in them paying out less... somehow i doubt it.

    ReplyDelete
  3. Scott4 August 2009 at 16:35

    two chances of that Ronnie, none and sweet FA. Betfair are sadly now just a corporation focused on squeezing every last penny out of their customers, a far cry from the punter's pal they started out as.

    ReplyDelete

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