The owner of sportsbook and gaming giant in the United Kingdom Ladbrokes; GVC Holdings, has become the latest gambling firm to seek a historic Value-added tax rebate from HMRC, which come about after law changes and tax charges in the UK on FOBT, also known as fixed odds betting terminals.
Betfred was the first gaming corporation to seek compensation after it incorrectly paid more tax than it should have on its revenues from gaming machines within retail betting shops. As owner of Ladbrokes, GVC is now seek to emulate what Betfred has done after it won its claim against the non-ministerial department of the UK Government.
Reportedly, the firm could be owed as much as two-hundred million pounds in ‘compensation’ in the form of a VAT rebate, that other betting and gaming firms have also applied for, including William Hill and The Rank Group, which owns UK gaming brands Mecca Bingo and Grosvenor Casinos.
The period in question stretches eleven years from 2002 and applies to gaming machines present in retail betting shops operated by Ladbrokes.
GVC stated that HRMC had made a decision not to appeal the cases filed by Betfred or Rank Group involving VAT charged on gaming machines.
The news comes less than one week after GVC Holdings completed the migration of Ladbrokes Coral brands onto its own in-house platform, including more than twelve million Ladbrokes customers being migrated to the new system from Ladbrokes systems to be more efficient, stable and quicker transactions.
The firm currently owns many of the leading gaming brands in the UK, including: Foxy Bingo, partycasino and bwin, all of which have partnerships with some of the most prolific gaming developers of games that feature on fixed odds betting terminals as well as online, such as Playtech, NetEnt, Yggdrasil, NetEnt and Elk Studios.
View the latest Elk Studios games including The Wiz and Valkyrie here.