The board of global online gaming group betinternet.com Plc, have released details of how the recent abolition in the US of the withholding tax previously charged to non-US citizens will benefit their business. On 22nd of October President Bush signed the changes to the law which now lifts the 30 percent tax previously charged to offshore punters on any winnings earned on races in the US. The board members of betinternet have now been making comments on how this change will prove beneficial for them and their plans for the future.
The key gain for betinternet and businesses like it, is the law change now opens up immediate opportunities for global expansion. Betinternets board have revealed they are looking to develop the pari-mutuel betting side of their business, and this latest political change allows them now to look at extending their business further globally. The company already has a hub situated in the Isle of Man which connects on a daily basis to race tracks in over eighty countries. They also have already developed sites with multiple currency capability- all of which have been designed in line with industry standards.
MD of betinternet Paul Doona said of the change to the law: The passing of this Bill opens up the opportunity for host tracks and content providers to globalise their product. As a result of the excellent regulatory framework within which we operate and the technical infrastructure and expertise available to us, we are in a perfect position to help them achieve this expansion.