October 1, 2009 (CAP Newswire) — "[I]t was simply impossible for us to compete from the UK, as the current 15 percent gross profits tax regime and 10 percent levy on all UK horseracing bets accepted discriminates against onshore operators.”
These are the words of William Hill’s CEO Ralph Topping, responding to questions (and criticism) over his company’s recent decision to relocate its headquarters from London to Gibraltar.
Topping’s statement appeared this week in EGR Magazine online, and, with a positive tone and pragmatic view, addressed other aspects of the company’s move.
"Any company which wants to be a leading online betting and gaming business on the international stage has to take every competitive advantage possible,” he wrote. "Existing offshore operators don’t have those costs, giving them more capital to invest in growing their businesses."
"The decision to move was one we could no longer avoid making. Our online operations now have a really bright future.”