Beeswax
What does Beeswax mean in sports betting?
Where is the word Beeswax used?
To whom is the term Beeswax applied?
Beeswax is a variant of the term betting tax. This is a tax on the bookmaker’s turnover, on a bet or winnings of an individual player. It is actual mainly in Great Britain.
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In the UK bookmakers are required to pay a small tax on the total amount of the money turnover. As a result, there may be an additional commission, which is already levied on players for their bets.
In most cases, a tax is calculated as follows: if you win, an amount is subtracted from the small percentage that goes to bookmakers so that they, in turn, can pay a commission from the entire turnover of bets.
The word Beeswax is used, as a rule, only in the territory of Great Britain.