UK Bookie Coral Buys Gibraltar-Based Eurobet
Britain's third largest bookmaker
Coral has followed its competitors offshore by buying Eurobet,
a small Gibraltar based internet betting company. In announcing
the purchase, Coral said that it plans to offer tax-free telephone
betting to UK residents from Gibraltar within a month. Gibraltar is fast becoming a hub
for internet betting with UK bookies Stan James, Victor Chandler
and Ladbrokes having already established themselves on the Rock,
and William Hill, Britain's second largest bookmaker expected
to follow suit early next year. Although basing part of their
operations offshore offers the companies no corporate tax
advantages (they still pay UK corporation tax), UK betting companies
are still keen to operate from Gibraltar in order to avoid paying
the betting tax and horse racing levy that adds around 9 per cent
to the cost of most bets. The move by Coral is a clear sign
that UK bookmakers' enthusiasm to move offshore has not been dampened
by the recent announcement by the UK Government that it will tighten
the existing advertising restrictions on offshore betting companies
(which apply to press and television) to include teletext. .
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