There is no real advantage to having a base in the UK due to tax, claims online sports betting boss.
Online bookmaker Bet365 has said that the tax regime is making it increasingly difficult for sports betting firms to maintain a presence in the UK.Speaking to the Financial Times, the Stoke-based company's chief executive Alan Coates said that Bet365 has no current plans to relocate abroad, but admitted that the tax burden is now "very expensive" for bookmakers.
Sports betting operators are currently required to pay gross profits tax of 15 per cent, the racing levy, VAT and corporation tax, making it increasingly tempting for firms to set up shop elsewhere.
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"Being based in the UK, from a tax perspective, is very expensive," Mr Coates told the newspaper.
Asked whether keeping a British base has any real benefits for his company, he added: "There isn't a great advantage, no. There are highly-skilled workforces all over the world. But we are a Stoke firm and that's important to us."
The government's recent decision to increase gross profits on bingo games to 22 per cent has caused outrage among the UK's numbers game firms.
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