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Sky Bet has relocated its headquarters to Malta as part of a corporate restructuring expected to cut its UK tax bill by tens of millions each year.
The shift comes as the UK government faces mounting calls to boost tax revenues and consider higher duties on betting companies.
The operator – marketed as the UK’s leading betting app – has moved its sports wagering functions to the Maltese branch of a newly formed UK entity, SBG Sports Limited.
The change was communicated to employees in June during a live-streamed meeting held by Sky Bet’s parent company, Flutter Entertainment, for staff across its UK, Irish, and European offices. Alongside the relocation plans, Flutter also announced around 250 redundancies in the UK, describing the overhaul as a move to streamline operations and cut costs. From 1 November, commercial and marketing responsibilities began shifting to Malta, though Sky Bet’s Leeds office remains a key hub for Flutter.
While tax was not directly mentioned in the staff briefing, a Flutter insider told ITV News that tax considerations were widely understood internally. Tax specialist Dan Neidle explained to the outlet that Malta’s effective corporate tax rate can be as low as 5%, compared with 25% in the UK. Based on Sky Bet’s most recent profits filed by Hestview Limited, the group could save up to £31m annually. Neidle also pointed to a VAT mechanism that might have reduced Sky Bet’s marketing-related VAT costs by roughly £24m last year.
He noted, however, that the relocation carries risks, including high upfront costs and potential future regulatory or legal changes. The strategy may fail to deliver the expected benefits if HMRC questions the company’s tax arrangements or if Malta adjusts its tax regime.
Flutter’s ongoing restructuring
Sky Bet spent £135m on marketing in 2024 and continues to serve as a major sponsor of the English Football League.
Flutter has made several strategic shifts in recent years, including moving Sky Gaming’s head office to Gibraltar in 2024 and transferring its primary stock market listing to New York. The £25bn-plus group also owns Paddy Power, Betfair, and Tombola, all of which are registered outside the UK.
Meanwhile, UK Chancellor Rachel Reeves is under pressure from MPs to increase gambling taxes, with the Institute for Public Policy Research estimating that higher duties could generate an extra £3.2bn per year. Former Prime Minister Gordon Brown backs the idea, while industry representatives warn that such measures would force shop closures, lead to job losses, and push more players towards unregulated markets.
Flutter CEO Peter Jackson has argued that additional taxes would drive consumers to illegal operators. Members of the Treasury Select Committee have criticised Flutter’s relocation decision, calling it at odds with the sector’s recent emphasis on how much tax it contributes.
Flutter says it paid over £700m to HMRC last year and employs more than 5,000 people in the UK. While acknowledging that the Malta move will affect its tax position, the company attributes the decision to regulatory pressures and the need for a more flexible operating structure.