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Ladbrokes and the £71 million tax

26 Mar 2018

Ladbrokes CoralBack in 2008 the UK tax system had several "holes", which many companies rushed to take advantage of, regarding loan taxation involving third parties. Once the state found out, it quickly modified the corresponding laws and regulations, which resulted in many companies having to pay their dues retrospectively. As a result, Ladbrokes found itself back in 2015 having to pay £71 million on taxes, which made the company suffer a major damage. In response to the enforcement of this decision, the company made an appeal to the Upper Tribunal of the Tax and Chancery Chamber (UTTCC), questioning its validity.

The Chamber found the appeal to be unjustified, but Ladbrokes took it one step further. The company took the case to the UK Court of Appeal, which led to a second rejection to their statement that their taxation was not called for. The operator once again accepted the Court's ruling and mentioned that the taxes are either way already paid, and they won't influence their financial standing.

There is also solid information that GVC is close to a deal, according to which the group will acquire 53.5% of Ladbrokes Coral, a deal worth $1.4 billion in approximation.

About Ladbrokes Coral

The British operator has been in business for more than 100 years and has an approximate revenue of more than $2.1 billion. It is active in numerous markets and operates 10 different brands, the most well-known being Coral, Eurobet, GalaBingo and Betdaq. The company is on the London Stock Exchange and in 2016 acquired Gala Coral Group, which was when the group's name changed to Ladbrokes Coral. The group's main offices are located in London. It used to own the Hilton hotel franchise for all non-US locations from 1999 up to 2006 and the group then was called Hilton Group plc.

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With over 100 years of experience, Ladbrokes is one of the most familiar betting brands in the UK. It is one of the few companies that has moved to racecourse management by acquiring Lingfield Park in 1975 and one of the few that offers both fixed odds and betting exchange. It has managed to retain a top spot by combining the advantages of being an established High Street bookie, providing new technologies and keeping up with gamification trends. The sportsbook has proven its innovative spirit with the addition of features like the unique 5-A-Side service. In terms of safety and stability, Ladbrokes ticks all the boxes. Nevertheless, I would like to see some improvement in a couple of areas. First, the payout is below par even for the top sports like football and tennis. I would expect a bookmaker of this caliber to offer higher odds to players. Also, like other Entain brands, they tend to limit winning players quite fast. Finally, I would like to see them reopen to more countries in the near future. All in all, Ladbrokes guarantees an action-packed environment, no matter which sport you want to bet.

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