Online bookmaker Betinternet is to be allowed to advertise in the UK, thanks to an amendment to the Isle of Man's 1970 Betting Act. Currently, the law classes Isle of Man-based Betinternet as an ‘Overseas’ bookmaker in the UK. This means that Betinternet is not allowed to advertise in the UK as duty rates paid by the Company in the Isle of Man are lower than rates in the UK.
That would be a significant blow to Betinternet, as the UK represents a very lucrative market – the world’s third largest for gaming. However, from September the company will pay the same amount of tax on UK bets as British bookies, but will continue to levy the Manx (Isle of Man) rate on bets from other jurisdictions. The legislative amendment was described by managing director, Paul Doona as “a pragmatic solution”.
Commenting on the publication of Betinternet's preliminary results for the year to June, chairman Denham Eke said:
“The board is excited at the prospect of being able to actively participate in one of the largest gaming markets in the world.”
'I am delighted that at the same time as announcing our maiden operating profit, I can report on significantly increased interest in the pari-mutuel opportunities we are offering. Indeed, last week's wagers through our Isle of Man hub exceeded $2 million for the first time.'@@@
That would be a significant blow to Betinternet, as the UK represents a very lucrative market – the world’s third largest for gaming. However, from September the company will pay the same amount of tax on UK bets as British bookies, but will continue to levy the Manx (Isle of Man) rate on bets from other jurisdictions. The legislative amendment was described by managing director, Paul Doona as “a pragmatic solution”.
Commenting on the publication of Betinternet's preliminary results for the year to June, chairman Denham Eke said:
“The board is excited at the prospect of being able to actively participate in one of the largest gaming markets in the world.”
'I am delighted that at the same time as announcing our maiden operating profit, I can report on significantly increased interest in the pari-mutuel opportunities we are offering. Indeed, last week's wagers through our Isle of Man hub exceeded $2 million for the first time.'@@@
