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Sportingbet Halts Betting Exchange Plans

22 Mar 2004

UNITED KINGDOM – As reported by the UK Independent: "Sportingbet, the online gambling group, has halted plans to launch a betting exchange after Gordon Brown announced a clampdown on the controversial websites.

"Exchanges, most notably Betfair, have vastly increased the competition for traditional high street and online bookmakers, based on claims that they offer substantially better odds.

"Sportingbet had been conducting trials of its own exchange in a bid to compete, but it has put the scheme on hold following a Budget Day announcement that the tax treatment of exchanges is to be reviewed.

"Customs & Excise has been ordered to look at whether some or all users of exchanges should pay tax on their winnings.

"…The creation of a betting exchange would be an intriguing next step for Sportingbet - which last week appointed Bob Holt, the chairman of the building maintenance group Mears and one of the most prolific small company directors, as non-executive…"

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