Amendment To Manx Betting Act Allows Betinternet To Advertise In The UK

by Robin Pilgrim, LawAndTax-News.com, London

14 August 2003

It emerged this week that following an amendment to the Isle of Man's 1970 Betting Act, from September 1 this year Betinternet.com will be permitted to advertise to potential customers in the United Kingdom.

Currently, because Manx duty rates paid by the company are lower than those levied in the UK, Betinternet is treated as an overseas bookmaker, and is therefore not permitted to advertise in the UK, which as the world's third largest gaming market represents a significant loss.

However, following the legislative change described by managing director, Paul Doona as 'a pragmatic solution', from September the firm will pay the same amount of tax on UK bets as British bookies, but will continue to levy the Manx rate on bets from elsewhere in the world.

Speaking following the publication of Betinternet's preliminary results for the year to June, chairman Denham Eke announced that:

'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.'

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