Gala Coral Moving Offshore

The UK Gambling Commission has just received word that Gala Coral is planning on taking its online gambling operations offline. The company has recently announced that it simply cannot compete with existing offshore gambling operators and have decided to bite the bullet.

This will mean that the last major UK gambling operator has finally left the market. Ladbrokes, William Hill and now Gala Coral will have now left the country for greener pastures. This comes as a huge disappointment to the UK Gambling Commission; however, it seems to be the motivation that the government needs in order to ensure that the government passes its new laws concerning the taxation of offshore operators.

Local reports indicate that, because the UK government does not tax offshore operators, the country is missing out on over £300 million gambling tax revenue. Because a portion of these profits go to social programs, the country as a whole is losing out.

The new legislation aimed at taxing offshore operators will receive a second hearing on March 30, 2012. With the news of Gala Coral leaving the country, it is likely that the bill will receive a great deal of support.