Ladbrokes.com has revealed that the move of its online sportsbook operations to Gibraltar was completed two months ahead of schedule.
The move was announced by Ladbrokes back in August and the reason behind it was so that they could compete with the likes of William Hill and other offshore based rivals.
By operating its sportsbooks from the UK, Ladbrokes was put under immense financial pressure as they are subject to 15% Gross Profits Tax, a 15% VAT on input costs as well as Horserace Betting Levy at 10% of profits on British horseracing.
The relocation will help Ladbrokes save considerable sums in tax but they will still continue to pay corporation tax on profits in the UK.
“Competing from the UK against operators with significant tax advantages became unsustainable. We are pleased to have completed the move ahead of schedule and with a minimal impact on jobs” said Christopher Bell, Chief Executive Officer of Ladbrokes Plc.