The general rule under English law since the Gambling Act 2005 came into force is that “the fact that a contract relates to gambling shall not prevent its enforceability”. Therefore, bets with bookmakers licensed in the United Kingdom are legally binding contracts and are enforceable in the English Courts.
A UK tax payer, even when he has an organised system by which he places his bets, does not have to pay tax on winnings. Under H.M. Customs and Excise’s Business Manual 22017 the fact that a taxpayer is sufficiently successful to earn a living by gambling does not make his activities a trade.
William Hill Plc and other bookmakers gave better chances to finding Elvis Presley alive (2,000-1) or discovering the Loch Ness monster (500-1) than to Leicester City F.C. winning this season’s English Premier League soccer title. It won’t make that mistake again. On Sunday, the Foxes of Leicester City could capture their first Premier League title in their 132-year history -- with early bets at 5,000-1 odds. If the team’s core of unknown and journeyman footballers defeat 20-time champion Manchester United, William Hill would lose 2 million pounds ($2.9 million), according to company spokesman Rupert Adams. The bookmaker took 58 pounds in bets on Thai-owned Leicester City at odds of 5,000-1, and would have to pay out 750,000 pounds to gamblers who bet later in the season when the odds dropped to 1,500-1.