Tax Free Betting

Posted by admin on Nov 28th, 2009 in Betting, Gambling, Services | 0 comments

It was Gordon Brown and company back in 2001 who changed the British tax law to allow punters bet tax free. Before that, bets were charged a nine percent tax on any bet placed in the UK and that tax was replaced with a tax on the bookmakers’ profit of fifteen percent.
This tax was difficult to collect and blocked may foreigners from betting with the UK bookmakers. This then stopped the expansion of the market for the bookmakers so they agreed to more tax so they could be accessible to a wider market. Serious investments then became part of this expansion for the industry and around this time was when online betting exchanges showed up. The law change allowed this and certainly quickened the process.
The gaming industry was alarmed and felt the Gaming commission was not protecting the public but they added addiction treatment referrals to the online text as this was a compliance the web sites needed to do. This new law also allowed for more money to circulate and thus help the economy as it also created jobs for sports book managers, bookies and offline customer service.