Match Fixing Will Become Easier with Offshore Moves
After it was announced that Ladbrokes will definitely be moving to Gibraltar, sports associations in the UK have become concerned that online casinos moving away to avoid tax and regulation could mean match fixing could become a real problem.
As well as Ladbrokes, William Hill will also be operating in offshore bases which means that the companies will not longer be under UK regulations, which require information to be shared including any suspicious betting patterns.
The Gambling Act which outlines these rules is an important part in preventing match-fixing and maintaining the integrity of the UK gambling industry.
The operators however are claiming that their offshore moves have nothing to do with match fixing but are based on saving money due to taxes in the UK costing ten times more. Proving this William Hill has previously stated that moving offshore would save the company around £7.5 million in tax on its gross profits and around £1.5 million in annual tax payments.
To tackle this British sports leagues have asked the government to step in to deal with this issue.
Other’s are angered by Ladbrokes moved claiming that it breaks a ‘gentleman’s agreement’ the company had with the Treasury which will now have to pay out millions of pounds. Chief Executive of Ladbrokes, Christopher Bell said that, “operating from the UK has become unsustainable.” As well as Ladbrokes and William there are also rumors circulating that Betfair will also be announcing a move due to the Treasury’s online gambling tax rates.