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Bookmakers in the UK
Bookmakers in the UK? Love them or hate them, they are a
necessity. In fact we are extremely fortunate in the UK to have
a very lively and successful gambling industry. In some
countries betting is illegal and we tend to forget that when we
moan about the inadequacies and unfairness of our bookies.
But look at it this way: if they did not make a profit they
would not be there. They have to in order to survive! The
whole industry depends on that simple fact. You would be
better justified complaining at the level of tax imposed by
the government. Much more goes in tax than in profit to the
bookmaker - they live on a very small margin of the turnover.
Maybe the Government will indeed reduce the tax level imposed
on the industry in response to the drift (or is it a rush)
into off-shore set-ups. A rapidly increasing proportion of
bets are being placed with off-shore bookies by UK residents
and bookies are rushing to open up off-shore. Why? UK
residents do not have to pay UK tax (9%) on the bets that they
place (Never ever pay this tax on your winnings, unless you
intend to lose all the time) and the bookies can charge a few
percentage points (typically 3%) as administration charges
(win-win except for the government).
Remember, you do not have to pay income tax on money gained
through gambling, so keep careful records to prove to the tax
man that this is how you got your Rolls Royce etcetera. You
also need to be meticulous with your accounts because
bookmakers make mistakes. Some genuine, some maybe not. Check
all your statements against your records. Claim back any money
due to you and overlooked - it happens surprisingly often.
Forget about overpayments (they also happen would you
believe).
Avoid placing big bets (more than £50-100) with only one
bookie. spread them around, 50 here, 50 there. If you are
consistently winning large amounts (more than £1,000)
you will have your account closed.
Hate the bookies? Make friends with several in your
neighbourhood. Lose a few times. Bet small stakes. Make your
big bets by telephone or internet. But there will be
occasions when you really want to watch the race or monitor
the live betting market. There is less and less stigma
attached to visiting the bookmaker and they are now often
air conditioned with smoke-free areas. Not a bad way to
spend a Saturday afternoon!
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