Is profit from betting syndicate taxable?

Professional beeting syndicate "invests" monies from clients on sports bets. Profits shared.

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A professional betting syndicate has a contract with investors to share profits from sports bets. The syndicate receives funds from investors, places bets on sporting events and then divides any winnings in an agreed proportion between the syndicate and the investors. Is the income taxable on the syndicate?

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By mrme89
06th Jun 2017 12:10

It seems as though the syndicate is not actually gambling, and that they just receive commission on any winnings.

I'd go for taxable.

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By LMP
06th Jun 2017 11:56

All profits from gambling / speculating are tax free !

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Replying to LMP:
By mrme89
06th Jun 2017 12:22

Helpful.

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By Accountant A
06th Jun 2017 14:43

Debated previously if you search the site for "Gambling".

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