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COMMENT ON UK GAMBLING TAX PROPOSALS

Thursday June 21, 2012 : WINDOW FOR COMMENT ON UK GAMBLING TAX PROPOSALS CLOSES SOON (Update)
 
Three month consultative phase ends on June 28
 
The British government's controversial proposal to license regulate...and tax...online gambling operators based on the "point of consumption" - i.e. the punter's computer or mobile device - enters a new phase on June 28 when the three month consultative window on the tax proposals closes.
 
Offshore operators wishing to access UK online gamblers will have to meet "secondary licensing and tax" requirements if they are to continue to operate legally in the UK market, and be allowed to continue to promote their services in UK media.
 
The new laws effectively seek to dismantle the traditional operator defence that remote gambling takes place on the operators' servers, and if these are located in another jurisdiction, that jurisdiction’s law applies and not that of the UK.
 
Several large UK gambling groups have in the past based their online and mobile operations outside the UK in order to take advantage of more lenient tax requirements in offshore jurisdictions.
 
Under the new dispensation, the UK government is proposing a 15 percent tax on operators' gross profits in respect of all bets placed with them by UK players.
 
According to government estimates, only 10 percent of online gambling activity by Brit punters generates tax revenues for the UK, and the new approach will address this anomaly.

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Gambling News :

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.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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