Ladbrokes follow William Hill offshore


Online operations to move to Gibraltar, but not telephone betting call centre

Ladbrokes has announced that it is to follow William Hill plc offshore to a kinder tax regime in Gibraltar, confirming speculation that it would use the publication of its H1 2009 results to make the announcement. CEO Chris Bell said the company expected to save in excess of GBP 7 million a year from the move.

However, the group said that it would keep its telephone betting call centre in Britain.

Industry observers are now watching for reactions from the Tote and Gala Coral groups, which have not yet made public their positions on shifting online operations offshore in order to more effectively compete. Betfair has already indicated that it is not considering such a move at present but is keeping its options open.

The Ladbrokes land and online gambling group reported a decline in first-half pre-tax profit and cut its dividend as it warned trading had worsened since May and economic conditions remained challenging.

The company reported an underlying pre-tax profit of GBP 131.3 million (H1 2008: GBP 136.6 million).

CEO Bell said the company was still aiming to meet full-year expectations - Reuters reports that the consensus of analysts for full-year underlying pre-tax profit currently stands at GBP 180 million).

The gambling group cut its dividend by 31 percent to 3.5 pence given the results to date and uncertain outlook.

Previous reports have revealed that Ladbrokes is looking to sell its Italian retail business and Bell said the company has received expressions of interest.

Shares in Ladbrokes have lost nearly a third of their value over the past year.

General Gambling News

Login to post a comment:


 
 

Click Here to register a new account

What's going on right now!

2mins ago someone from United Kingdom played Treasures of Tombs Bonus

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

Casino Of The Month

Casino of the Month

In the last 24h

Totals

  • New Members
    30
  • Members Online
    356
  • Guests
    1,855
Highest Community Rated Online Casinos
NextCasino
  (142 Ratings)
Bet365 Games
  (160 Ratings)
Unibet Casino
  (124 Ratings)
CasinoLuck
  (215 Ratings)
Betsson Casino
  (205 Ratings)
Redbet Casino
  (136 Ratings)
Spin Palace Casino
  (111 Ratings)
Mr Green Casino
  (271 Ratings)
Betsafe Casino
  (177 Ratings)
Slotty Vegas
  (102 Ratings)
32 Red Casino
  (294 Ratings)
Guts Casino
  (167 Ratings)
Liberty Slots Casino
  (171 Ratings)
Winner Casino
  (329 Ratings)
BitCasino.io
  (166 Ratings)
ComeOn Casino
  (231 Ratings)
Sin City Casino
  (94 Ratings)
Vera John Casino
  (168 Ratings)
BETAT Casino
  (188 Ratings)
Intertops Red Casino
  (118 Ratings)
Thrills Casino
  (126 Ratings)
Intertops Casino Classic
  (107 Ratings)
Casumo
  (128 Ratings)
Ladbrokes Casino
  (148 Ratings)
Royal Vegas Casino
  (128 Ratings)
Jetbull Casino
  (100 Ratings)
Slotland
  (291 Ratings)
Whitebet Casino
  (87 Ratings)
InterCasino
  (132 Ratings)
Betfair Casino
  (201 Ratings)


Follow LCB on Facebook Follow LCB on Twitter Follow LCB on Pinterest Follow LCB on Google plus