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England: MP calls for bet to be taxed based on punter's location25 November 2011LONDON, England -- A British Conservative MP has called for a gambling tax loophole to be closed, the BBC reported. Matthew Hancock wants bets taxed based on where they are placed rather than where the bookie accepting them is located, the report said. Hancock estimated $62 million pounds revenue was lost because so many bookmakers have relocated to "offshore" locations, the BBC reported. Hancock stated that the loss of this revenue is impacting funding to the racing industry that could put that industry into peril, according to the BBC. |