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BETTING LAWS (Regulations and how syndicates work)

How do Betting Syndicates,Sports investment funds and other professionals get around regional legislation?

You may well have noticed that boundaries to betting for both punters and Bookmakers have increased down the years,an example of this is the recent introduction of the UK Point of consumption tax,this makes it illegal for gaming operators to take bets from UK residents without firstly obtaining a UK betting license,the supposed reason is to protect the consumer,the reality is something very different,the government are simply trying to repatriate betting taxes,in fact,when it comes to gambling, most countries restrict their residents in some form or the other,take Germany where cross border betting has been rampant for many years,they recently bought in a new law that Bookmakers taking bets from German residents need to pay 5% betting tax to the German fiscal (Finanzamt),irrelevant of where that company is located,Holland,Denmark,Spain,France,Portugal,Belgium,Bulgaria,Poland and Romania are just a few of the EU countries that don´t allow the scope for residents to bet beyond national borders,EU lawmakers have made it crystal clear,articles 39 to 60 (free trade agreement) don´t apply to betting or gaming!

Europe is not alone in introducing such constraints,most countries in Asia have bought in tough laws against gambling with foreign bookmakers/gaming operators ,take Malaysia and Singapore for example,they recently introduced Draconian measures in an attempt to stop residents betting with anything other than the State monopoly,prison sentences and caning awaits people who are caught defying the law, it could be even worse in the Peoples Rebublic of China with the possibility of execution awaiting offenders,the Philippines who license gaming organizations from within the Cagayan freeport put a bloc on local residents,it´s very similar system to Curacao, Panama and Costa Rica who don´t even allow for local banking,moving back to Europe,Malta joined the EU and then started lairing betting companies to the Island,initially, it was with the promise of lower taxes and a legal framework that supposedly protected gaming operators from litigation(saved for another blog),it doesn´t do anything of the sort and in our opinion the Maltese government is nothing other than morally bankrupt,in any case, it doesn´t matter since Malta´s time is coming to an end,it´s going to be a big problem for a small country that derives 12% of it´s GNP from foreign owned gaming companies,Australia,USA and South Africa represent other countries who have put blocks on the freedom to bet,so much for democracy and the right to choose!

So what can betting Professionals or Syndicates do if they are located in a restricted zone?,leave would be one possibility,although it might not be easy for people with family or other commitments,another way would be to set up a company that was allowed to invest in sports (betting),it would need to be in a jurisdiction which allows companies to place bets freely with Bookmakers (located abroad) and the tax situation would need studying since laws can be extremely complicated, if such a company was set up with a proper legal structure, it could employ bet placers/advisors anywhere in the world,no infringement of law!

Taking the company structure would restrict the syndicate/fund to betting with professional bookmakers,preferably through betting agents which can supply Asian (handicap) betting accounts with non leisure bookmakers such has  Pinnaclesport, SBO, Crown, IBC, Eastern Dynasty, ISN, Singbet, Matchbook or other exchanges,whilst the list  presented is far from exhaustive they are the better known operators,before starting you will need a bank which understands your business concept (not so easy),and maybe some other payment methods for quick transactions such has Skrill,Neteller or Paypal VIP (low costs),avoid dealing with cash or using personal bank accounts and you have a proper business and legal structure!!

If you need Betting agent account or legal structure get in touch,!!