Last week the Chancellor, Phillip Hammond, released the 2017 budget. As always, the betting industry waited with bated breath about the outcome and how they would be affected.
Thankfully for the betting companies, the anticipated crackdown on the ‘Sin’ industries was not part of the 2017 budget. The UK continues to prepare for Brexit and the uncertainty of the future in the country. The chancellor and his Conservative Government focused on setting realistic targets for economic growth amongst other things.
Furthermore, as a result of the 2017 budget, betting companies’ share prices have all increased. This is because there are no new financial commitments. Below are details of three floated betting companies and how they were affected by the 2017 budget:
The Ladbrokes Coral share price dipped a few points in the run up to the 2017 budget. However, it soon recovered and increased a few points due to no effects on the betting industry. So, I’m sure the company was very pleased with the outcome after a tough few months for the betting industry.
The William Hill share price was also positively affected. Reaching a three month high in the days after the budget was released. As a result, William Hill will be pleased that Phillip Hammond did not address the betting industry. It’s a sure bet they’ll be anxiously waiting with for the forthcoming triennial betting industry review. Which is currently in a 12 week consultation period.
888 Holdings, the owner of betting company 888Sport and 888Casino. Recorded the highest share price increase after the release of the 2017 budget. This will be a big relief to 888 Holdings as they recover from their record fine of £7.8 million. Which lead to a first-half loss of $17.3 million.
How Matched Betting is Affected
In 2001 and 2014 the Government changed the rules on betting tax. They passed the tax onto betting companies rather than the gambler. Since then matched bettors pay no tax on any winnings which makes this technique even more profitable.
In terms of the release of the 2017 budget, it’s still great news for matched betting and shouldn’t affect our ability to make money online using this proven method. The bookies haven’t been affected in any way regarding their economic duties. Therefore, it means that bookies can spend more money on marketing. Offering customers free bets and promotions which we can make a guaranteed profit from.
Forthcoming Triennial Review
The industry is still feeling the squeeze in terms of the regulations and pressure from the Gambling Commission. A number of large betting firms have seen huge fines this year leading to losses and reduced profit. Betting companies will be doing all they can to reduce the chance of this happening again. Working alongside the gambling commission is one of the key areas the bookies are looking to exploit.
It will be interesting to see what sanctions the Government will put in place and how the triennial review affects the betting industry.
Be sure to stay tuned in to everything matched betting here at The Sure Bettor.