|As reported by the BBC: “A year after the abolition of betting tax, some industry watchers believe the UK is aiming to become the world's biggest gambling arena. |
“Bookmaker revenues have soared since the 9% tax on bets was abolished in October 2001, and a further shake-up of gambling laws in March paved the way for a flurry of activity in the sector.
“Online betting companies say the changes are good news for both land-based and internet operators, as international punters perceive the betting sites as regulated and trustworthy. And an increasing number of online betting groups are moving back to the UK from offshore locations to take advantage of the shift.
“…Sportingbet, the world's largest web-based betting company moved its operations from Alderney to the UK in August.
“…Analysts have suggested consolidation among the numerous betting companies is now the only way for many of them to survive.
“…It is not just the online betting market which is burgeoning.
“Traditional bookmakers have seen a sharp uplift in profits since the betting tax was removed, and are pushing for a new image - less flat-cap and more female friendly.”