Ladbrokes has announced it will complete the relocation of its online sports betting business to Gibraltar this week – two months ahead of schedule.

At its half year results in August Ladbrokes announced that it would move its online sportsbook to Gibraltar by the end of the year to enable it to compete more effectively.

By operating its sportsbook from the UK since 2000 Ladbrokes has been subject to 15% Gross Profits Tax and 15% VAT on input costs as well as Horserace Betting Levy at 10% of profits on British horseracing.

The relocation will help Ladbrokes to save significant sums in tax and the company will be better enabled to compete against rivals who have been operating from offshore locations for many years. Ladbrokes will continue to pay corporation tax in the UK on profits from the Ladbrokes.com sportsbook as well as paying local Gaming Duty in Gibraltar. Ladbrokes Sportsbook which has nearly one million active customers had seen a decline in profits on its betting business for the three months to the end of September this year and has announced a number of cost efficiency measures across its UK operations..

Commenting on the move Christopher Bell, Chief Executive Officer of Ladbrokes plc said: “Competing from the UK against operators with significant tax advantages became unsustainable. We are pleased to have completed the move ahead of schedule and with a minimal impact on jobs.”

Ladbrokes has also announced the launch of a new sportsbook design offering improved navigation, rapid access to a wider range of sports betting opportunities as well as live video streaming of a full range of sports events. It offers Best Odds Guaranteed on British horseracing to all customers and all new customers receive a free bet when placing their first wager.

The Ladbrokes.com relocation to Gibraltar helps to consolidate the company’s position locally. Managing Director Jim Falconer remarked, this move represents major investment in our Gibraltar location and, in line with this, we have made two significant additions to our senior management structure here. I am delighted to announce that Darren Mauro and Mark Sellors have been appointed to the Board of Ladbrokes International Ltd. I wish them every success in their new roles.