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

Providing a secure and efficient Helpdesk

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.