HMRC widens investigation into Ladbrokes owner GVC

[Madz]

UK tax authorities have widened their investigation into gambling firm GVC, in a shock escalation that sent shares in the owner of Ladbrokes bookmakers tumbling.
Britain’s biggest bookmaker fell by 102p, or almost 12%, to 770p on the news, making it the worst performer among FTSE 100 companies.
The sports betting and gaming group, which also owns the Coral and Gala brands, was taken by surprise after HM Revenue & Customs (HMRC) said on Monday that it was examining “potential corporate offending” by a former Turkish subsidiary.

Read the rest here: https://www.theguardian.com/business...-shares-turkey

[mickyfu]

I'd laugh, but no doubt their affiliates will be footing any bills.

[Madz]

I'd laugh, but no doubt their affiliates will be footing any bills.

Thats a good point, I never thought of that

[Sherlock]

they can not steal more from affiliates
They pay only 2.5M EUR totally (probably monthly) and that is maximum.
They always used a term "budget". Like we have budget for this or for that, so do not promote us there, because we do not have budget for certain country etc.

[tufty]

I see the chief rat resigned just before the announcement. Let's hope that scumbag Kenny Alexander ends up in jail where he belongs. Laughable how the despicable Racing Post were heaping praise on the crook in four separate articles in one day when he announced he was doing a runner. Reminiscent of Enron, let's hope it ends the same way.

As Sherlock says, there is nothing more they can do to affiliates. It has already been done. Any affiliates still promoting GVC brands deserve to lose the last few pennies they are paying out, if they really are that stupid to be pushing GVC brands still.

[Madz]

they can not steal more from affiliates

Wanna bet?

[ddm]

I see the chief rat resigned just before the announcement. Let's hope that scumbag Kenny Alexander ends up in jail where he belongs.

what's your beef w/ this guy?

[tufty]

what's your beef w/ this guy?

He has overseen the systematic ripping off of affiliates. The affiliate payments were huge and he personally saw to it that affiliates were closed down and / or players were stolen. The Ladbrokes program was destroyed by theft of basically all players upon the latest migration. I lost all players and others reported the same on this forum. Coral's saw the theft of all prior to three years old, in the case of many older affiliates that could be upwards of 90% of revenue from that program. It is broken contracts and broken promises of lifetime rev share, overseen and authorised by Kenny Alexander as CEO personally. You can't have missed discussion of him on other threads here. Now he has resigned "to be with his family". Straight after that was the HMRC announcement. He lies for fun. He is also one of those types of guys who has "scumbag" figuratively tattooed on his forehead. Like so many insecure low-life crooks, he revelled in personal publicity. Sorry, don't like him.

[Sherlock]

Wanna bet?

Yes I can bet. They can not steal from something that they already stole. I do not consider 2.5M substantial money for 3+billion revenue company (just one of the few biggest affiliates is making by order of magnitude more than 2.5M). They already stole 95% of affiliate income (conservatively). There is the 5%- remaining. I do not consider that as worth of attention. The few percents are nothing. They have no reserves where to steal.

[Sherlock]

Btw what is the Turkish business they have a problem with? I guess Betboo. They stole from me from Betboo as well ofc.
It was decent in Turkey. I would love to testify about this and lot of other shady things they did.
That exCEO deserves to rot in prison.

[mickyfu]

Yes I can bet. They can not steal from something that they already stole. I do not consider 2.5M substantial money for 3+billion revenue company (just one of the few biggest affiliates is making by order of magnitude more than 2.5M). They already stole 95% of affiliate income (conservatively). There is the 5%- remaining. I do not consider that as worth of attention. The few percents are nothing. They have no reserves where to steal.

Maybe you missed the part where Sky did exactly just that. Stole 95% then went back and thieved the scraps off the table too. I highly doubt GVC affiliate program will be around soon, maybe for the select few just like Sky.

Since Sky opened the flood gates to theft, the UK market has become a mugs game.

[ddm]

overseen and authorised by Kenny Alexander as CEO personally.

cool. thanks.
now the devil has a name.

[Sherlock]

Maybe you missed the part where Sky did exactly just that. Stole 95% then went back and thieved the scraps off the table too. I highly doubt GVC affiliate program will be around soon, maybe for the select few just like Sky.

Since Sky opened the flood gates to theft, the UK market has become a mugs game.

I did not miss that, Sky robbed me as well.

But we somehow misunderstood each other: of course that they will not become honest and they will try tricks until the end. Maybe you missed something because Bwin was far the first who did the trick of robbing everyone a decade ago and they made the new affiliate program back then while robbing everyone. Even their affiliate managers back in approx 2015 believed actually they were now honest. And the (new) predatory behavior started with departing of those AMs.

The point is that whatever they try now, there is nothing left. They reduced affiliate commissions to let's say 5% now. After they will be dine with round 2 of robbery, they can restart the show with round 3, but then they will squeeze maybe 1% of what it used to be/had to be. That 1% will be nothing in their budget. So if they need to finance anything, they will not do it on expense of affiliates.

Indeed there are the billions now that they stole from us during past decade. But those money are long gone. Stolen, sent to frindly companies that develop useless HW or SW, redistributed as golden parachutes etc.

So this is why they can not steal more from us. Because what they came with was a scorched earth approach.