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Tabcorp has urged a ban on wagering operators utilising tax havens


Makes submission to corporate tax inquiry

Australian operator Tabcorp has urged a ban on wagering operators utilising tax havens such as Vanuatu in a submission made to an Australian corporate tax enquiry.

The submission follows a 90-page report titled “Who Pays For Our Common Wealth?” released in September 2014 that detailed many top ASX200 companies with subsidiaries in tax havens paying well below the corporate tax rate of 30 percent.
In other submissions to the inquiry, other ASX 200 companies openly detailed their use of overseas hubs where they claim interest payments to lower their tax bills, SMH reported this morning (Monday).

Tabcorp proposes amendments to the Interactive Gambling Act requiring operators obtain an Australian licence before being able to accept bets from Australian citizens ensuring they operate under pre-determined conditions that would cover contributions to horse racing, tax and responsible gambling initiatives.

Kerry Willcock, executive general manager of legal and regulatory for Tabcorp said in the submission: “A number of offshore jurisdictions, such as Vanuatu, offer licences to wagering operators under no or low-tax regimes.”
"There are few barriers to wagering operators, such as corporate bookmakers licensed in the Northern Territory, re-establishing their Australian operations in these low or no-tax international jurisdictions.”

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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