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SECOND HEARING FOR UK ONLINE GAMBLING REFORM BILL

02/09/2012 : SECOND HEARING FOR UK ONLINE GAMBLING REFORM BILL
 
"Point of Consumption" Bill proposed in House of Commons
 
A bill covering the taxation of offshore bookmakers introduced by Conservative MP Matthew Hancock was heard in the House of Commons earlier this week and has been given a second reading scheduled for March 30, 2012.
 
The bill looks to the reform of the UK Gambling Act 2005 and proposes that all bookmakers servicing the UK market be forced to apply for a UK Gambling Commission licence and pay taxes on revenues.  Additionally, it proposes the elimination of the Horse Racing Levy.
 
While weighted towards the decline in horse racing revenues, the proposal would affect all forms of online gambling and seeks a taxation model based on customer location rather than the physical location of the company offering the services.
 
The bill was opposed by fellow conservative MP Philip Davies who argued that increased regulation would result in a surge towards players seeking illegal market operators although he conceded "a single digit tax system of 5 percent across the board would be better than trying to collect 15 percent from none of them".
 
“I look forward to making the case for reform to the system and helping secure a future for racing. Horseracing supports 100,000 jobs countrywide including 5,000 in my constituency town of Newmarket,” Hancock said.
 
“Everyone should welcome a level playing field for gambling and racing here in the UK ".
 
Hancock introduced the bill to the House of Commons under the "10 Minute Rule", which gives the author the opportunity to present the bill and convince the House members on its merits in ten minutes.  It is the latest in the UK Government's previously communicated interest in reforming the Gambling Act of 2005.

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Gambling News :

IS DAN BILZERIAN A POKER FISH? - Dan Bilzerian, the high profile Instagram legend, jet setting playboy and allegedly deadly online poker player who claims he accrued a $50 million fortune playing the game,

Vegas Crest online casino adds 30 new games - The Vegas Crest online casino has announced the addition of 30 new video slots to its games inventory from developers GameArt and Xplosive.

AMAYA C.F.O. RETIRES - Daniel Sebag, the Amaya online gambling group's first and only chief financial officer with ten years’ service under his belt, has retired, according to a company announcement Friday.

Is Sheldon Adelson in Favor of Trumo - With the inaugural presidential lunch coming to a close Friday afternoon, US Congressional reporter Paul Kane offered an interesting tweet, noting:

SD618 Massachusetts Online Gambling bill Updates - A few more details have emerged on Sen. Bruce Tarr's new online gambling legalization bill SD618 just filed in the Massachusetts Senate.

2017 $25,000 buy-in Aussie Millions Challenge event results - Taiwan poker pro James Chen has emerged victorious in the $25,000 buy-in Aussie Millions Challenge event after besting a field of 133 at the Crown in Melbourne.

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

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