The History of Tax Free BettingIn 2001, Gordon Brown and company switched the British tax laws around to allow punters to enjoy tax free betting. Prior to that time, punters had to pay a nine percent tax on bets placed in the UK. The nine percent tax was replaced with a 15 percent tax on bookmakers' profits.
While this may not have initially seemed like a boon to bookmakers, it served the purpose of abolishing many perceived and actual borders within the gaming industry. Collecting the tax had always been an inefficient process and it functioned as a barrier to foreigners who wanted to lay wagers with UK bookmakers. As a result, the bookmakers had felt that they were restricted in their ability to expand their market. Thus, they were willing to pay more tax as a way of gaining access to a broader market and bringing in more money net overall.
As a result, this allowed serious investment in the expansion of the gaming industry. It is not wholly a coincidence that it was around this time that the online betting exchanges really began to sprout and take hold as real players in the market place. The changed laws allowed this to be possible, and more especially allowed the speed with which it happened.
The expansion of the gaming industry in this way alarmed some. They felt that the government and the Gaming commission were not doing enough to protect the public. However, with addiction treatment referral a mandatory text, websites were doing all they needed to do to be in compliance.
Over time, there has been no doubt that the abolition of the form tax on bets has been a relief for punters. While the bookies are paying more, they are not wholly miserable about the situation either as they got to have their market expansion. The gaming industry grew and provided more jobs for British citizens, so the perceived economic benefit of the move has been positive.
Free Bet and Bonus Details
Sports Betting News