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Bookies betting on gambling bonanza
"It could benefit Britain's punters to the tune of £800 million over the next year" - Ladbrokes chief executive Chris Bell
Bookmakers are betting on a gambling bonanza this weekend.
Gambling tax is being scrapped in time for England's world cup qualifier against Greece and the bookies believe a record number of bets will be placed on the match.
They say the move, combined with the growing popularity of sports betting, will ensure that more money rides on England for World Cup 2002 than for any other major tournament to date.
Ladbrokes said the scrapping of betting duty - introduced just before England's World Cup triumph in 1966 - means the industry is set for a golden age.
The company estimates that turnover could rise by 30 per cent from its level of £7.3 billion.
It is already predicting that next April's Grand National will be the biggest ever, breaking the £100 million turnover barrier compared with £70 million last year.
Ladbrokes chief executive Chris Bell said: "It could benefit Britain's punters to the tune of £800 million over the next year - that's equivalent to £300 for each of Britain's 2.7 million regular betting customers."
He said the company had invested £40 million to build 40 new city-centre betting shops, employing 1000 staff.
Chancellor Gordon Brown announced the move to scrap betting duty in his March budget to stop the boom in off-shore tax-free gambling, which costs the exchequer millions of pounds each year.
Under the current system the Government collects betting duty of 6.75 per cent from bookmakers, which is passed on to punters through a nine per cent tax.
From Saturday bookmakers will be taxed on their gross profits at a rate of 15 per cent.
"It could benefit Britain's punters to the tune of £800 million over the next year" - Ladbrokes chief executive Chris Bell
Bookmakers are betting on a gambling bonanza this weekend.
Gambling tax is being scrapped in time for England's world cup qualifier against Greece and the bookies believe a record number of bets will be placed on the match.
They say the move, combined with the growing popularity of sports betting, will ensure that more money rides on England for World Cup 2002 than for any other major tournament to date.
Ladbrokes said the scrapping of betting duty - introduced just before England's World Cup triumph in 1966 - means the industry is set for a golden age.
The company estimates that turnover could rise by 30 per cent from its level of £7.3 billion.
It is already predicting that next April's Grand National will be the biggest ever, breaking the £100 million turnover barrier compared with £70 million last year.
Ladbrokes chief executive Chris Bell said: "It could benefit Britain's punters to the tune of £800 million over the next year - that's equivalent to £300 for each of Britain's 2.7 million regular betting customers."
He said the company had invested £40 million to build 40 new city-centre betting shops, employing 1000 staff.
Chancellor Gordon Brown announced the move to scrap betting duty in his March budget to stop the boom in off-shore tax-free gambling, which costs the exchequer millions of pounds each year.
Under the current system the Government collects betting duty of 6.75 per cent from bookmakers, which is passed on to punters through a nine per cent tax.
From Saturday bookmakers will be taxed on their gross profits at a rate of 15 per cent.
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