Aah BUT Mr Hill, there is a built in overround in your books of up to 30% in your favour, so you should pay a levy on that 30%.
Plus you only allow losers and not winners, so that 30% is more than likely double or more.
I put it to you my learned colleague, the Betfair traders have close to 0% overround after Premium Charges and Commission and therefore are not laying bets at a predetermined advantage.
I also contend that WH would not be in business, if it had to play in a Betfair market only, without overround and without a pre existing edge and selective customer base.
As Mr Hill has more than 25% and possibly closer to 50% advantage, that by rights and judicial law, it is a requirement to pay the levy.
Further, if the Court pleases, I would like to offer exhibits to define said differences.
Exhibit A
WH has a licence for online and offline betting
Exhibit B
WH is a registered business
Exhibit C
WH has registered premisies and employees.
Exhibit D
WH alters their odds prior to accepting bets, thereby guaranteeing an edge.
Exhibit D
WH keep taxation and profit and loss sheets, has a Board of Directors and is liable to shareholders.
In short your Honours, WH is in business and must pay taxation and levies based on that business. No Betfair user has ever been able to claim a loss.
Therein lies the conundrum.
I rest my case
