Some Truth About Bookmakers

[Pab]

Bookmakers suffered a double whammy over the weekend.


On Saturday the UK government unveiled plans to introduce a 10% levy on profit for bookmakers that take bets on British horse racing from punters in the UK.


From April, bookies will have to pay the levy, regardless of whether they are based in the UK or elsewhere.


The money will be used to provide much needed funds to UK horse racing which can only be a good thing.


Of course the bookies have reacted angrily and are threatening legal action.


And secondly, on Sunday, it was revealed that bookmakers that fail to tackle problem gambling and money laundering face heftier fines and a higher risk of losing their operating licence.


Last year Paddy Power had to pay £280,000 after it was found to have encouraged a problem gambler until he lost five jobs, his home and access to his children.


And both Betfred and Coral were fined over £800,000 in money laundering cases.


There seem to be a whole host of issues with the industry and I won't be shedding any tears for them.


And I doubt any punters will be due to their numerous bad practices where their customers (i.e us) are concerned...


Restricting/closing accounts...
Downloading spyware onto computers...
Failing to pay out on winning bets...
etc.
etc.

[Junko]

Whatever new expenses and fines that bookmakers have to pay will just be passed on to the consumer in the form of decreased odds. Do you really think they are going to eat the extra costs all by themselves?

[Pab]

If one odds decrease other increase,there is Betfair and other exchanges.There is also more to come from regulators,changing odds becouse of some of rules,it is specially affecting horse racing

[Botnake]

The big problem that bookies are facing and will be facing is on the compliance problem of the AMLA, but I don't think this one below:

"Last year Paddy Power had to pay £280,000 after it was found to have encouraged a problem gambler until he lost five jobs, his home and access to his children."

will be blame by the gambling house, what are their basis on this one. It's unfair I guess. What do you think? Is that how complicated the law in such country?

[Patatas]

The sad truth is ,this is not about gambling.UK economy is hit hard after Brexit,they're trying their best to cope with the loses.This might just be another initiative.Not only Sports Betting but other casinos and odd jobs would be forced to pay higher taxes than usual.

[Pab]

Bookie will be taxed only from Horse Betting,it is most frauded market in UK,Bookies are fraunding odds and
thay have a lot laverage offer
The money will be used to provide much needed funds to UK horse racing which can only be a good thing.
Still gambling is free from taxes for people in UK

[bbc.reporter]

This will be good for sportsbooks that deal and transact with bitcoins. They operate outside the law and will not be subject to the fees and levies the government try to squeeze from the industry. Maybe a good strategy for bitcoin sportsbooks is to start offering better odds than the best fiat sportsbooks.

[ajaxmoor]

Whatever new expenses and fines that bookmakers have to pay will just be passed on to the consumer in the form of decreased odds. Do you really think they are going to eat the extra costs all by themselves?

Yes, that is very true and I can imagine the frustration this would cause to the casinos or bookmakers. Don't know why the governments think that casinos make 100% of the money that is wagered. They need to be taught a lesson about house edge. I am also very curious to see the profits that a bookmaker makes. Anyone has such numbers for any sportbooks ?

[bbc.reporter]

@ajaxmoor. What frustration? The frustration is on the consumer themselves because they will now have to pay higher fees and play with worse odds than before. When this regulation starts bitcoin sportsbooks and casinos should take advantage of the situation and show that they are a cheaper and better option for all gamblers who want to play online.

[vennali]

@ajaxmoor. What frustration? The frustration is on the consumer themselves because they will now have to pay higher fees and play with worse odds than before. When this regulation starts bitcoin sportsbooks and casinos should take advantage of the situation and show that they are a cheaper and better option for all gamblers who want to play online.

I dont think there will be a massive changes within Bitcoin Gambling industry. I dont know about how much people are wagering on horse racing within bitcoin community but I dont think it is of a significant amount. The solution I see is to take away the Horse racing section from the bookmarkers site itself. So they dont have to pay any fees then. They could also just let it be and I dont think profits made by bookmarkers on horse racing within the bitcoin based gambling site is huge. They might increase the house edge a little so that they can earn a bit more but no major changes necessary.