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Offshore Moved Worked

The online casino industry news was all aflutter earlier this year as Ladbrokes and William Hill announced the very big decision to move their internet gambling businesses offshore and out of the UK market. The UK has a highly regulated gambling industry that is actually designed to give better tax incentives and tax breaks to offshore online casinos. The UK licensed gambling sites have spent years now paying incredibly higher gambling taxes on their revenues than offshore licensed sites but getting no clear advantage in the UK market. Left with no other choice these two major gambling groups announced the rapid move of their internet gambling businesses to Gibraltar, an offshore licensing jurisdiction.

The decision to move to Gibraltar for licensing has really made an incredible difference for the gambling groups – both companies have begun to immediately realize higher profits as a result of the move and the businesses are much more sustainable because of the decision to leave the UK. At this point there have been no repercussions for the online casinos that left UK licensing – the UK government is likely going to chew over the needed changes for quite some time before those companies still licensed out of the UK are given any sort of tax break. And even then, it’s unlikely that the tax incentive will be anywhere near as competitive as the tax structure in Gibraltar and other online casino licensing jurisdictions.

Both of these gambling groups are quite pleased with the results of their move but are actually watching the Irish government closely. There is a chance that non-UK licensed online casinos and betting companies will face licensing and higher taxes to operate in Ireland, but the details are far from fully formed at this point.