Feeds

Chancellor to squeeze Betfair

Budget brings bad news for some

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Betfair, the wildly popular and controversial betting exchange, could be hammered in tomorrow's Budget.

Chancellor Gordon Brown is expected to use his Budget speech to announce an investigation into some online gambling sites. He wants to see changes brought in by summer to tax people making huge bets on the exchanges, the FT reports.

So-called betting exchanges offer punters the chance to bet against each other, not just against the bookie. There are believed to be as many as 1,500 professional punters using Betfair, by far Britain's most popular exchange with 200,000 live accounts. The Treasury believes the 'professionals', who average more than £15,000 a year each in profits, should pay tax as a bookmaker does.

Brown abolished betting tax in 2001, replacing it with a tax on bookmakers' profits. Part of the reasoning behind this decision was revenue being lost to offshore gambling sites.

Betfair put a statement on its site yesterday defending its customers and pointing out that it co-operates with the Jockey Club to identify potentially dodgy bets. It blames commercial rivals for much of the criticism it receives.

Betfair yesterday denied reports that proposed changes to gaming laws had scuppered a planned IPO. The company says that no flotation is in the offing and besides, it supports regulation. The Gambling Bill is currently at committee stage. ®

Related stories

E-crime costs UK business billions
Extortionists attack Paddypower.com
Sex and gambling drive mobile content sales

Remote control for virtualized desktops

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Big Content outs piracy hotbeds: São Paulo, Beijing ... TORONTO?
MPAA calls Canadians a bunch of bootlegging movie thieves
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
Lawyers mobilise angry mob against Apple over alleged 2011 Macbook Pro crapness
We suffered 'random bouts of graphical distortion' - fanbois
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
prev story

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.
Website security in corporate America
Find out how you rank among other IT managers testing your website's vulnerabilities.