Bookmaker is frustrated with tax payments for online sports betting operations
William Hill is preparing to move its online sports betting operations to Gibraltar in order to reduce its tax burden.According to the Times, the bookmaker will make the announcement later this week after becoming increasingly disillusioned with the British government's tax regime for gambling firms.
Online betting companies based offshore currently pay 1.5 per cent in gross profits tax, while those based in the UK, such as William Hill and its rivals Ladbrokes and Coral, are charged at 15 per cent.
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The newspaper states that other UK-based firms with online sports betting operations may decide to follow William Hill's example and make the move to Gibraltar.
William Hill is set to announce its latest interim results on Tuesday (August 4th).
On April 30th, the firm reported a 6.5 per cent increase in net revenue during the preceding 17-week period, with a good Grand National result - Mon Mome won after starting at 100/1 - helping to swing results back in the bookmaker's favour after the Cheltenham Festival.
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