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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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