William Hill To Move Online Gambling Operations Offshore
With the recession still putting the pinch on the online gambling world, the UK’s second largest bookmaker, William Hill, is set to announce this week that it will be transferring its operations over to Gibraltar to save on costs.
Further onus was placed on the move by the fact that in addition to the 15% gaming tax they are forced to pay in Great Britain, William Hill are also being undercut by a number of rival online operators who have already moved offshore to lessen the cost of running their operations.
The fact that these rival companies are able to operate for a fraction of the cost by avoiding the UK gambling tax levies has resulted in William Hill and several of the other domestic bookmakers being placed at a competitive disadvantage to their offshore counterparts, and Hills will be hoping that a move to Gibraltar will help them operate on a level playing field once again.
William Hill’s plans follow on from the announcement that the UK’s Department for Media, Culture and Sport will be reviewing gaming laws amidst concerns that a mass exodus of UK-based online operators could cost the government some £50 million a year in tax revenues.