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15 to accommodate the UKGCs new regime. In an email to players, SBOBET said the unfortunate circumstance was a direct result of the UKs new gambling laws. Its a decision that we arrived at after a considerable discussion, debate and analysis. The fact for us is, as a major operator for the Asian handicapped system which is predicated on the value proposition. For every 100 we take as a stake, we pay out on the winnings. so we have a gross margin of 1%. The end of the day, we cant run high-tech business like ours or any other iGaming company with these associated costs. Out of the 1% margin and then pay 15% grosstax. Simply doesnt work, said Bill Mummery. SBOBet has quite a few Premier League sponsorship and following the rule changes, the UK Gambling Commission indicated in a letter sent to sports governing bodies: We [the commission] areaware that in some cases commercial partnership arrangements [which include sponsorship] are in place between sports clubs or bodies and remote gambling operators who do not hold a commission licence.
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