NetBet Plc, the UK firm which offers tax-free online gambling, has started trading on Ofex, London’s deregulated share dealing service. The company recently boasted that its 1.2m pound IPO, announced February, was significantly oversubscribed and now says it intends to become the betting equivalent of online auctioneer eBay Inc.
Because the web site sportingbet.com operates out of Alderney in the Channel Islands, it can offer gambling tax-free. It intends to offer betting on US sports in the next couple of weeks, which poses questions of the legality of online betting in states where gambling is outlawed. NetBet’s current thinking is that it can offer bookmaking services to any person who can access the internet, regardless of local laws. The service currently has a mere 800 account holders.
