Hot on the heels of announcing plans to raise a £350 million rights issue, word is coming down that William Hill could move its sportsbetting base of operations to Gibraltar—which many view as a warning shot to the UK government.

"[William Hill], which yesterday confirmed plans for a £350 million rights issue as part of a £1.2 billion refinancing, said that it was relocating 90 jobs in its sportsbook operation overseas, mainly to Gibraltar—a move widely seen as a warning to Treasury," said the timesonline.co.uk.

The current taxation system for online gambling companies has been a bone of contention and it has been suggested that a move to "The Rock" might lead to some change.

William Hill CEO Ralph Topping has called the current tax system as "dopey" says the Times and furthermore, "British-based web operations paid a 15 percent gross profits tax and a 10 percent racing industry levy, offshore operators paid as little as 1.5 percent in tax."

"A move offshore could spark an exodus similar to that seen after Victor Chandler moved to Gibraltar to avoid betting tax," the report went on to say.

William Hill is hoping that the government changes taxes in the next Budget.