Hot on the heels of William Hill's decision to move its online operation to Gibraltar, Ladbrokes has announced it will follow suit.
The UK press is reporting that, as expected, William Hill's decision to fly the coup to Gibraltar has started the domino effect of major online gambling operators exiting the UK.
Apparently both Ladbrokes and William Hill will be defying a gentleman's agreement with UK Treasury not to leave. But both operators contend that competing against foreign licensees paying substantially lower gaming taxes is no longer viable. A move to Gibraltar for Ladbrokes' online gambling division will mean a substantial decrease in gambling taxes believed to be worth around £7m annually.
"Operating from the UK has become unsustainable and we will relocate by the year end," claimed CEO, Christopher Bell in a statement yesterday.
Ladrokes and William Hill will now join the likes of Victor Chandler, BetFred and 32Red, as major UK based gambling organizations locating their online operation in Gibraltar.
To visit Ladrokes, click here
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