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Gibraltar Bookmakers Put Brave Face On UK Betting Tax Plans

Panorama

08 February 2001

This story is reproduced by kind permission of Panorama at: http://www.panorama.gi

UK bookmakers in Gibraltar put brave face on betting tax plans in Britain

UK bookmakers who have established themselves in Gibraltar are putting a brave face on British plans to abolish betting tax in the UK and say they have no plans to leave the Rock, where they came initially to take advantage of lower taxes.

UK press reports suggest that betting duty will be scrapped and is likely to be replaced by a tax on profits, under plans being studied by the relevant authorities in the UK.

The UK government will only consider the change if the bookmakers close their offshore operations and relocate in Britain. Ladbrokes and William Hill indicated they would be prepared to do so, said a report.

However, a Ladbrokes spokesman in Gibraltar said they had no foreseeable plan to leave Gibraltar. Any conclusions were a long way away.

Victor Chandler, the lead operator in Gibraltar, said they had no plans to leave - they do not have any betting shops in Britain so they would not be affected by any changes.

Simon Bold is another bookmaker who no longer has any betting shops in Britain and sees no point in relocating to the UK. They are looking for a "marriage" with a larger player whose business would be complemented by theirs, said chairman Simon Bold.

Meanwhile, sports and media group ENIC has pulled out of a deal to buy Victor Chandler. Another report speaks of Coral, who acquired the Gibraltar-based Eurobet in 1999, being understood to be working on a refinancing package with its bankers.

Betting operations in Gibraltar employ over 500 people and are considered by the Gibraltar government as an important part of the local economy. There are seven licensed operators. Any relocation to the UK would create unemployment.

Observers say that the betting industry will be thrown into turmoil if Britain goes ahead with scrapping betting duty, as British punters would see no advantage in betting with offshore bookmakers.

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