Betting and gaming firm Ladbrokes has completed the relocation of its sports book from the U.K. to Gibraltar two months earlier than scheduled.
The move will save Ladbrokes from having to pay certain U.K. taxes, specifically the 10 percent tax of profits on British horse racing, a 15 percent tax on gross profits and another 15 percent value-added tax on input costs.
Ladbrokes will still pay the U.K. corporation tax on profits from its Ladbrokes.com sportsbook.
Christopher Bell, CEO of Ladbrokes plc, said in a statement, “Competing from the U.K. 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. We have used the opportunity to invest in improved technology, and in the weeks ahead we will be launching our very latest sports book that further improves our competitive position.”
The new website Bell refers to is expected to offer improved navigation, fast access to more sports betting opportunities and enhanced live video streaming. The site will allow users to personalize certain features. Ladbrokes also plans a number of promotions, including enhanced pricing and improved customer recruitment offers.
Ladbrokes plc took in bets totaling £16 billion in 2008.