Feeds

UK becomes haven for Internet gambling

Now this is more like it

  • alert
  • submit to reddit

High performance access to file storage

The UK is set to become an Internet gambling haven after the Chancellor abolished betting duty in his Budget last week.

The current nine per cent tax on all bets was abolished and replaced with a 15 per cent tax on bookmakers' profits - a tax which they have promised not to pass onto consumers. We have to admit we were slightly confused by this announcement at the time, but it would appear that gambling industry has grown increasingly annoyed with the betting tax as the Internet makes cross-border, tax-free gambling so easy.

Big gambling companies have therefore been moving their operation to tax havens under British jurisdiction like Antigua, Gibraltar and Malta - causing the UK government to lose valuable income.

Brown is a practical politician and so appears to have met them half-way. They can set up in the UK, saving them time and trouble, operate without betting tax and thus steal the booming online betting industry.

In the medium term, Gordon Brown gets more money, the gambling companies get more money and the UK gets a strong betting industry. The only constraint is casino-type games (the UK has a different gambling culture to the US).

Anyway, this is grand news for the UK both in terms of money and Internet presence. Few big countries have a liberal betting law and so the UK is ahead of the field. Britain's four biggest bookies - Coral, Ladbroke's, Stanley leisure, and William Hill - have already said they will shutdown offshore Net systems and bring them to the UK. Why? Because by being based in the UK, they are allowed to advertise in the UK.

This could be the beginning of a huge Internet gambling industry and with that kind of money moving about, it will be bound to have a positive effect on the rest of the UK Internet infrastructure. In one decision Mr Brown may have done more for the UK's Net industry than three years, five ministers and six laws. ®

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Nokia offers 'voluntary retirement' to 6,000+ Indian employees
India's 'predictability and stability' cited as mobe-maker's tax payment deadline nears
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.