How do I go about setting up business as a bookmaker in the UK?
Not as a shop but on course ie a turf accountant. What regulatory processes would I have to go through? Are there any minimum amounts of capital I would need?
United Kingdom - 1 Answers
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Answer 1 :
If you are in England, the Gambling Act 2005 creates the power for certain public bodies to issue licences for this. They are: 2 Licensing authorities (1)For the purposes of this Act the following are licensing authorities— (a)in relation to England— (i)a district council, (ii)a county council for a county in which there are no district councils, (iii)a London borough council, (iv)the Common Council of the City of London, and (v)the Council of the Isles of Scilly, For Wales, the Act permits county councils, and county borough councils to issue licences. For Scotland, this Act does not apply. Section 1 of the Licensing (Scotland) Act 1976 (c. 66) created a licensing board for gambling in Scotland. The amount of capital you would need is hard to put a number on. Remember you may have to pay out vast amounts of money - a good day for the punters could wipe you out if you can't afford to pay up. There is also no requirement in English law to pay out a winning bet. Courts have consistently refused to get involved in betting disputes in England for centuries - the official common law position being that a bet is binding "in honour only" - in other words, if you fail to pay up, your good name is destroyed (possibly your kneecaps too!) Instead, independent arbitrators like the Sporting Life and the Racing Post usually try to settle betting disputes.
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