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twitterGovernment to seek more tax from Internet gambling
Tuesday, Jan. 18, 2005 | 9:22 a.m.
The U.K. government will within months tighten a loophole on Internet gambling, making online services pay more tax, the Sunday Observer newspaper reported, citing an unidentified government official.
Online exchanges paid 7.3 million pounds ($13.6 million) in taxes last year on wagers of 2.67 billion pounds, the newspaper said, citing a National Audit report. Normal bookmakers paid 376 million pounds of duty on bets worth 30 billion pounds, a much higher percentage.
Bookmakers have complained for years that providers of Internet gambling on sporting and other events are able to give more generous odds because they themselves don't pay duty, while bookmakers do, the newspaper said.
A change in taxation rules may hurt The Sporting Exchange Ltd., also known as Betfair, which controls 95 percent of money wagered on exchanges, the Observer said.
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