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Ladbrokes Gets a £71m Penalty

2 Mar 2017

Ladbrokes penaltyA huge fine is going to be paid by Ladbrokes for a case of tax avoiding, since the British bookmaker has lost the appeal over the tax avoidance case. Judges hit them with a £71m tax charge relating to an overturned UK Revenue & Customs (HMRC) “2008 tax avoidance “.

Tax Evasion Loophole to Blame

As it was referred, Ladbrokes Group back in 2008 created a tax loophole by loaning between corporations and third parties in order to minimize their full year tax bill, The bookmaker appeared evidences that they lost more money, allowing them to pay less taxes.

Jennie Granger, Director General of Compliance at HMRC commented on the matter of the tax avoidance by the British bookmaker Ladbrokes: “Ladbrokes would have been better off just paying the tax but instead they pursued this lengthy legal dispute with HMRC. Avoidance schemes like this just don’t work and HMRC will always take firm action against them. The bookie gambled and lost when the odds of success could not have been lower.»

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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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