Bet365 Four Boundaries – They tripped over it, dived through it, and leapt into the air over it to make fantastic catches; The bet365 ad, that is, the ad that served as a boundary rope in Test Cricket this year.
While Tennis Australia did the right thing and kept game ads out of the Australian Open, Cricket Australia and the Seven Network happily promoted online betting on all-day TV, showing their predators to millions of Australian children.
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What you will never see in a bet356 ad is the Australian company behind the secret British bookmaker. They call it Hillside (Australia New Media) Pty Ltd. It is less recognizable this way.
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So, in the words of Samuel L. Jackson borrowing from a bet365 TV ad, let’s make it a little more recognisable:
“Hi, I want to tell you about bet365.com, the largest online sports betting company in the world. The reason they are number one in the world … [Tax avoidance and lawlessness helps] and guess what?” bet365.com is now based in Australia.”
They may be based in Australia, but bet365 does not pay income tax in Australia. According to Hillside’s 2018 estimates, it generated a tax loss of more than $100 million.
This tax loss cancels out the increase in bet365’s gaming revenue. This is a growing company. Gaming revenue has doubled from $58 million in 2015 to $115 million in 2018.
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Let’s face it; A betting company that claims it is a tax loss taking bets from Australian mug players is either incompetent or bogus.
It all starts on page 1. To quote Hillside’s board report: “These financial statements have been prepared in accordance with Australian Accounting Standards – reduced disclosure requirements”. The directors clearly state that their company has prepared “general purpose” accounts due to what is commonly referred to as “reduced disclosure requirements.”
Unfortunately, the directors’ commitment to the general accounts only covers eight pages. On page 9, the directors took a different view and said they had prepared “special purpose” accounts. Basic accounting, i.e.
Such basic or summary accounts which are not intended for use by anyone other than a foreign practitioner and which do not provide the material information required by Australian Accounting Standards; for example, information about transactions with related parties.
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Hillside’s parent company is incorporated in the UK and there appear to be all sorts of related party transactions that have resulted in Hillside owing its parent company $135 million at the balance sheet date.
Hillside has liabilities that exceed assets by $88 million and is technically insolvent with no continued financial support from abroad.
It appears that Hillside falls under the category of companies that must submit consolidated accounts to the Australian Taxation Office. Bet 365 Group Limited is a global parent company with a turnover of over $1 billion.
And for Hillside, preparing general purpose accounts is no easy task. They have millions of Australian customers. They take billions of bets. They have millions of dollars in their customers’ accounts, basically like a bank.
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Perhaps the auditors and CPAs from Pitcher Partners over there on level 22 of the MLC Center in Martin Place can explain how on earth Hillside’s special purpose financial statements are “true and fair” as they say.
Hillside’s cash flow between 2015 and 2018 also reveals something else that stretches the imagination; What was once cash is now monopoly money.
The company’s 2015 financial statements reported that it had more than $2 billion in cash flow from customers. Note that Hillside keeps the cash when you hold customers on betting accounts or winning bets.
However, its 2018 financial statements report only $114 million in cash flow from customers. How do billions in cash turn into millions after three years? According to Hillside, they doubled their revenue from 2015 to 2018, but customers are only paying about 5 percent of what they used to.
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And where is the cash transfer paid to the ATO for GST? Perhaps it is hidden in cash payments to suppliers.
We ordinary taxpayers, us non-government people with no responsibility for government relations, like to fill out tax returns and claim a tax deduction under the label “Whatever, it’s a distribution.”
Hillside’s 2018 accounts include $11.7 million in “Group Cost Allocations.” Back in 2014, the allocated amount was 5.7 million dollars. How much does this group cost for a company based in Australia? If there were general purpose accounts, we could understand.
It appears to be a form of variable cost because it increases. Perhaps every time a customer in Australia clicks on the bet365 website, someone in the UK has to write a report or call an accountant or lawyer for more advice… to capture costs in Australia and transfer assets offshore, which otherwise would be Australian tax.
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Here is rub. Opaque special purpose accounts created at the behest of multi-billion dollar multinationals deprive us – the Australian public – of proper control over our country’s financial affairs and income tax base.
Bet 365 founder Denise Coates paid herself $480 million for a year’s work in 2017, making her the highest paid woman in the world. He apparently disturbed neighbors during the construction of his $160 million mansion in Cheshire.
Here in Australia, Hillside’s special task proposal is based on the fact that there are no other users of the reports – apart from Denise and her senior management colleagues in the UK.
Bet365 is by no means alone in this. Imagine them loudly advertising to their customers that they, the customers, yes the creditors, can deposit money into bet365 like a bank, but they still have no interest in Hillside’s accounts. According to Hillside, their creditors don’t care if the company is solvent or how much it owes.
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This is pure nonsense. This is nonsense that has been perpetuated for years, without explanation, by the Big Four accounting firms and the professional audit bodies CAANZ and CPA Australia.
This is nonsense which has yet to be dealt with competently by the Treasury and its government bodies: the Financial Reporting Council, the Accounting Standards Board and ASIC.
All appear to be condescending to the interests of multinational corporations. Some do it for money. Some know which way their bread is buttered. Some because they have been lobbied and they feel important. And some simply because they don’t really understand accounting and don’t know any better.
Meanwhile, we see this recent headline: “Coke-drinking, high-profile lawyer who bet up to $3 million a day on football games sentenced to six years behind bars.”
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Except, the young lawyer, Brody Clark, clearly had a problem. But how could his bookies not know he had a problem when Clark risks up to $3 million a day in sports betting?
Disclaimers, but much deeper in the fine print are the disclaimers that bet365 takes away your personal data and even transfers it to Gibraltar and the UK.
So they take your money on trust and bets, and they take your data, but they claim that customers have no right to see legitimate financial information, despite what accounting standards actually say.
Hillside’s advertising in cricket, its loss of transfer tax and its special purpose accounts are offensive, but just as appalling is how little the Australian authorities are doing to bring the company and its advisers to book.
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In 2016 to focus on high-profile public interest journalism, particularly the growing power of corporations over democracy. West was a former journalist and editor for Fairfax newspapers, a columnist for News Corp and even once a stockbroker. New customers only. Registration is required. Bet £10* and get £30* in free bets. Sign up, deposit between £5* and £10* into your account and bet365 will give you three times the value in free bets when you place matching bets of the same value and they are settled. Free bets are paid as bet credits. Minimum odds/bets and payment method exclusions apply. The return excludes the share of Bet Credits. +18 | Terms and conditions Limitations and exclusions apply. # Advertising
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If you want to bet on cricket, given the popularity of the sport, there are many bookmakers to consider. One of the names I had high hopes for was Bet365 as it is one of the biggest gaming brands in the world. You can