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WILLIAM HILL ENTERS HORSERACING LEVY DEBATE

Betting exchanges should pay the levy too.
 
William Hill plc, a major land and online betting group in the UK, has come out in support of a proposal that betting exchanges should contribute to the Horserace Betting Levy Board's finances.
 
The Board is currently conducting a consultation on betting exchanges, to which William Hill has responded.
 
In a statement posted on its website, the gambling group observes:
 
* William Hill agrees with the argument set out in the HBLB consultation document that those who trade by way of business on betting exchanges should be subject to levy
 
* William Hill contends that the failure to collect levy from business users of betting exchanges has led to a shortfall in funding for horseracing (estimated loss at least GBP30 million per annum)
 
* Given the well-developed accounting and risk systems employed by exchanges and the classification of different types of user by the exchanges themselves, definitional issues relating to business users on exchanges should not prove to be an insurmountable challenge for the authorities.
 
* William Hill appreciates the limitations placed on this consultation by the HBLB’s own statutory objectives, but whilst it may be possible to consider this issue purely in terms of extant legislation, there is undoubtedly the need for a wider review and possible legislative change which eliminates ambiguity and brings business users of exchanges within the scope of tax, levy and regulation. There is as the HBLB have pointed out, a lack of correlation between tax, levy and regulatory statutes. A coordinated gambling policy requires this correlation.
 
* William Hill is therefore calling for a full review of the betting exchange model by the authorities, but this should not hold up early action by the HBLB, which working within existing levy legislation could move to identify and levy business users of exchanges.
 
* This should pave the way for a more fundamental reform. The levy, an anachronistic subsidy introduced in the 1960s to compensate racecourses for loss of attendance at courses expected with the legalisation of off course betting, should be replaced by a commercial relationship between racing and the betting industry by 2013.
 
Ralph Topping, William Hill’s chief executive, said that his company was confident that the HBLB would agree with its belief that "...those who have decided to operate a business via betting exchanges are not appropriately levied, taxed or regulated in the same way as traditional bookmakers.
 
"While this disparity exists an unfair competitive advantage remains which distorts the market, resulting in a falling tax yield and dwindling financial support for racing.’’

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Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

SOUTH KOREANS BUSTED IN THAILAND ON ONLINE GAMBLING CHARGES - Those detained were named as Jeong Kyujin (35), Han Kyoreh (26), Choi Sung Ming (35) and Bae Jeonghwan (26), all of whom claimed that they had bene hired by a Korean man to operate online gambling sites.

China Lottery Sales Up in 2016 - The Chinese official news agency Xinghua reports that according to figures from the Ministry of Finance released Monday, Chinese lottery sales in 2016 rose 7.3 percent year-on-year to 394.64 billion yuan (about US$57.53 billion).

New chairman and a new director for 500.com - Chinese online lottery operator 500.com has announced major executive changes to the company with the apparently amicable departure of director and chairman Man San Law, as well as director Weiguo Zhao from its board of directors, effective January 20, 2017.

Russian betting Sites to face rise in tax rates - Online bookies also pay a 1 percent commission on each transaction through the TSUPIS, and face levies at 5 percent of GGR to assist Russian sports federations.

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