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Asian sports betting giants SBOBET has told its UK players their accounts will be closed as of Sept. 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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