Welcome to the World of Horseracing
Between March 2010 and April 2017, this blog recommended wagers on 520 individual races on Jump Racing in the UK, resulting in a PROFIT of £1,525.39 on cumulative stakes of £5,726 - this is equivalent to a Return On Investment of 26.60%.
THIS IS A BOOKIES ADVERT FREE ZONE
Monday, 17 May 2010
Our friends in the South?
Like him or loath him, Gordon Brown’s decision back in 2001 to free betting from tax in this country was a major coup not only for the punters, but for the coffers of the Inland Revenue. It has stimulated the tremendous growth in turnover (and profits) of the betting exchanges and traditional bookmakers who were able (due to their unique position within world sport) to take advantage of the complete lack of gambling opportunities for punters throughout the rest of the world on sport.
I’m surprised that nations haven’t been quicker in closing the tax loopholes afforded by internet gambling. I believe the “leanest” government run tote monopoly is that run by the Hong Kong Jockey Club which strips out 11% of turnover returning 89% of stakes back to the punters. Other nations are not so generous with the pay-back, and I believe some nations retain over 25% of stakes placed. And the tote monopolies exist in the main only on horse-racing and dog-racing – there are few outlets (outside the UK) for gambling on football, tennis, snooker, darts and other international sporting events. Thanks to Gordon Brown, Britain’s tax coffers are boosted by a 15% tax on bookmakers gross profits which must be hugely increased by income from outside the shores of the UK – tax revenue which is being denied to the host nations of those international gamblers.
Surely, it cannot be long before other nations in Europe and Asia follow France’s lead. It would also not surprise me to see some form of direct taxation return to gambling in this country. Gambling is a very easy target for a cash-strapped government; it’s not a necessity but is pure luxury, if you can afford to lose it then you can certainly afford to pay tax on it.
Yes, Gordon Brown did us proud back in 2001, and he was ably supported by Robin Cook, the Foreign Secretary, who wrote a racing column for the Glasgow Herald. Are there any supporters of the gambling man in the current government?