Online Casino Style: News - Betfair Under Tax Investigation

10/07/2010		Online Casino Style - News: Betfair Under Tax Investigation
Home History Games News Dictionary		An interesting quote by the head of one of the leading companies in the online gambling industry has caught the attention of the internet casino community, as forums and message boards spread the news. In regards to the upcoming launch of the a new IPO project being launched by online gambling company Betfair, the CEO for partner William Hill made a fascinating statement that they were looking forward to the inevitability of transparency that the move would require, with Ralph Topping saying, “We hope the fact that they are floating will force them to be more open about who is laying bets on their website. I'm looking forward to seeing them lift the kimono.” The quote was made to The Daily Telegraph newspaper, again, in relation to the developing case of Betfair versus the taxman, as reportedly, the UK tax officials were going after the high rolling customers of the online gambling site’s rosters, targeting players for further tax investigation. The Daily Telegraph was also able to confirm from the company that they are on the edge of launching an IPO initiative, scheduled to list ten percent of the company for £1.5 billion. Betfair has been the target of investigation by tax authorities in recent weeks, which has been the subject of questioning as to whether the licensed bookmakers managing wagers have been using the system for personal bets as well, or have been ‘laying off’ bets in order to balance their bottom line in their favor. There seems to be strong suspicion that some of the highest rolling customers of Betfair are licensed bookmakers themselves, taking advantage of the betting exchanges in the online gambling industry by gambling unfairly themselves. The disturbance at the site is apparently enough to get William Hill reps excited, coming from Topping’s commentary. It is common opinion that once the firm is publicly listed, even if its only ten percent of its worth, the transparency of how they do business will be of significant value to their competition, such as WH. Betfair executives have said that the investigation will likely result in a more strict and regulated separation between professional and personal use of internet gambling accounts at Betfair.

10/07/2010

Online Casino Style - News:
Betfair Under Tax Investigation

An interesting quote by the head of one of the leading companies in the online gambling industry has caught the attention of the internet casino community, as forums and message boards spread the news. In regards to the upcoming launch of the a new IPO project being launched by online gambling company Betfair, the CEO for partner William Hill made a fascinating statement that they were looking forward to the inevitability of transparency that the move would require, with Ralph Topping saying, “We hope the fact that they are floating will force them to be more open about who is laying bets on their website. I'm looking forward to seeing them lift the kimono.”

The quote was made to The Daily Telegraph newspaper, again, in relation to the developing case of Betfair versus the taxman, as reportedly, the UK tax officials were going after the high rolling customers of the online gambling site’s rosters, targeting players for further tax investigation. The Daily Telegraph was also able to confirm from the company that they are on the edge of launching an IPO initiative, scheduled to list ten percent of the company for £1.5 billion.

Betfair has been the target of investigation by tax authorities in recent weeks, which has been the subject of questioning as to whether the licensed bookmakers managing wagers have been using the system for personal bets as well, or have been ‘laying off’ bets in order to balance their bottom line in their favor. There seems to be strong suspicion that some of the highest rolling customers of Betfair are licensed bookmakers themselves, taking advantage of the betting exchanges in the online gambling industry by gambling unfairly themselves.

The disturbance at the site is apparently enough to get William Hill reps excited, coming from Topping’s commentary. It is common opinion that once the firm is publicly listed, even if its only ten percent of its worth, the transparency of how they do business will be of significant value to their competition, such as WH. Betfair executives have said that the investigation will likely result in a more strict and regulated separation between professional and personal use of internet gambling accounts at Betfair.