|Betfair, the UK’s leading betting exchange, could hear some unwelcome news when Chancellor Gordon Brown announces this year’s budget tomorrow.|
It is widely thought that Gordon Brown will state in his budget speech that he wants to investigate online gambling sites. Betting Tax was abolished in 2001 and was replaced with tax on bookmakers’ profits instead in a bid to stop revenue being wagered with offshore sites.
Betfair.com is a betting exchange that effectively makes bookmakers out of many that use it, it has been argued. It may be suggested tomorrow, or in the aftermath of the budget speech, that those that realise significant funds from such betting exchanges should be treated as bookmakers in terms of having similar profit-related taxes levied.