Ladbrokes Coral Archive - UK Top Online Casinos

UK Court of Appeal hears Ladbrokes Coral’s tax avoidance claim

Ladbrokes Coral is set to take their claim against a £70m tax avoidance dispute to the UK Court of Appeal. The Second highest UK court of law is set to receive the claim later this week, in the latest part of an ongoing saga which stems back to 2000. HMRC (UK Revenue and Customs) had previously charged Ladbrokes in 2008 with “exploiting a tax loophole relating to loans between corporations and third parties” in a bid to reduce the popular UK bookie’s tax bill over the course of the year.

It was a scheme put forward by Deloitte, the famous accountancy firm, who told their partners to create “transacting subsidiaries” to move corporate tax charges into a single loss generating figure. HMRC claims that Ladbrokes suffered no actual losses during the first period of 2008 and that they used a loophole to avoid paying corporate taxes. Ordinarily, this sort of thing may have been found in Ladbrokes favour, but HMRC is adamant that since 9 other businesses used the same loophole, and all have since pleaded guilty to the scheme, Ladbrokes will surely be no exception.

Defeat at the UK Tribunal Court

In February, Ladbrokes Coral took their 3-year appeal to the UK Tribunal Court, which agreed with HMRC, that Ladbrokes was using a legal loophole to bypass paying corporate tax. However, the UK Tribunal Court did give Ladbrokes Coral the right of appeal to the next highest UK court of law, a move which this week Ladbrokes Coral have said they are taking.

Ladbrokes claim that although they did indeed use a loophole to avoid paying corporate tax, its operations were legal in a court of law and that its operations did not breach any existing anti-avoidance rules or regulations. The case continues.

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Mobile casino gaming covers losses at Ladbrokes Coral

When leading UK bookies Ladbrokes and Coral got together, everybody predicted that the gigantic company would absorb most of the sports betting markets in the UK. That just hasn’t been the reality, though, as the figures show this week. The company has announced a 6% drop in revenue for the first half of 2017, with the official reason being cited as a drop in high-street revenue, courtesy of mobile gaming.

Whilst it may seem rather shocking to learn that there has been a drop in 6% of revenue for Ladbrokes Coral, it doesn’t quite tell the whole picture. Sure, Ladbrokes Coral’s high-street bookies have taken a bit of a battering, but their online presence is just as strong as ever. In fact, the hugely popular UK sportsbook’s casino sites have gone on to report an 18% rise in online revenue. That clearly covers their losses, with a total profit of £1.2 billion announced.

Old high-street bookies are in for a slow death at Ladbrokes Coral

Mobile casino gaming may be the death of the Ladbrokes Coral’s high-street business, but that same mobile casino gaming crowd are also contributing to the huge rise in funds for the company in the digital world. With the popularity of online betting on the rise like never before, it seems the old high-street bookies are in for a slow death. Even rival bookies William Hill has reported a 2% drop in revenue. The situation is far worse for William Hill, as they do not have the online resources and revenue to cover their losses.

Many believe that the bid to reduce the fixed odds betting terminal (FOBT) stakes could very kill off the high-street bookie once and for all. Whilst that is further bad news for William Hill, Ladbrokes Coral may disappear under new ownership. A second bid from GVC was received last week, to the tune of £3.6 billion. Once again, Ladbrokes Coral have rejected the offer, which makes sense given the terrific year they are having, once you overlook the drop in high-street revenue. As long as they hold a significant share of the mobile casino market in the UK, the future is rosy for Ladbrokes Coral.