take it thats to do with sanctions and nothing else??

This is bad news for punters.  Not worried by Betfair in isolation because the tax is relatively sensible compared with most EU countries.

This is going to eat margin though, just a question of what I have to play with after.  I would expect some reasonably big jumps in matched volumes here but undoubtedly this favours the bigger players with continued access to international funds.

Have to agree with bongo on most points.  It won't improve anything for punters BUT, then, which industry benefits from the taxes on active corporations?  At least as a UK citizen you can be happier that gaming companies will find it very difficult to hide tax for the first time in god knows how long.  Would be good to see it enforced like this in more industries to be honest.  But still agree with bongo, tax revenues aren't falling, public spending is soaring.

What does the Pinny email say about account balances?  Don't seem to have mine yet.

http://www.pinnaclesports.com/gb-notice.aspx?

Funds remaining in your Pinnacle Sports account may be withdrawn at any time free of charge. Accounts that withdraw their funds prior to September 30th, 2014 will be disabled from making further deposits.

^^^^
My email went to spam folder

^^
India def grey

I though subsidiaries would be a way round the problem, but apparently not

So will firms like Betvictor get a UK license. I was reading an article on it from last year...

'But it wasn't until 20 years later that Chandler's biggest break came – In 1996 and 1997 Chandler jumped on planes to China and Singapore and started recruiting high rolling betters. In these regions, bets were often limited – Chandler's unique service proposition was he would accept large bets.

Many of these wealthy customers had been frustrated by their inability to lay sizeable bets on the 1994 football World Cup, he told HuffPost UK. They were also frustrated by having to pay tax, something which was to lead to Chandler’s next big break – moving offshore.

Ahead of the rest of the bookie peers – and unhampered as a private company unlike his listed rivals such as Ladbrokes, Chandler started a search for an offshore base from which to run his business tax-free.

http://www.huffingtonpost.co.uk/2013/03/08/betvictors-victor-chandler-on-the-future-of-betting_n_2838519.html

Heard a rumour that bwin party is pulling out

Any chance that Betfair will raise commission and/or Premium charge to pay for the increased costs of the 15% tax??

Maybe a raise to 6.5% basic commission rate as they continue to harvest the exchange business.

They might quietly forget that until 2011 they happily were based in the UK paying tax and making still making huge profits. Now that the competition from the professional sportsbooks is out of the way they might try it on.

Actually moved 2011. Starting complaining about the tax in 2009 a year after the first Premium charge and the stunting of growth.

If you are already licensed and operating in the UK can you take bets from Countries like India? Is it only new applicants that need to pass the test?

does seem like they want to know how much business these firms are doing and if their "other" lists are high in numbers they will threaten to revoke their licence .


now why would any regulator seriously do that other than to extort money from such companies?

the shady world we live in eh

What amazes me is that SBOBET is licensed by the Isle of Man. Big building on the Island. Sponsored EPL teams. Not going anyway. Pinnacle been around since 1998 and always the fastest to payout.

on the tax side of things....these companies dont have a leg to stand on and should pay up if they want business.

see pinnacle pulled out of spain and i presume italy???a while ago

ffs, daft forum....


Ianp, can you pop a link up, cheers.

Can't believe VC aren't applying - today is the last day to apply or they have to stop taking uk bets on the 1st Oct, so maybe a few have left it to the very last minute legal/compliance people like to do that, I think it gives them a little thrill.

cheers Ian.


1bet pulling out now, from 1st October...

who knows - its absolutely redic.  The Gambling Commission are def putting peoples funds at risk.

if people on here are unsure who they can bet with how is the man on the street supposed to know??

It know appears that Victor Chandler International (Betvictor) has an application in progress. Was not on the Gambling Commission website yesterday.

Skybet's application is pending.  Currently regulated by Alderney.