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Gambling is outside the scope of UK taxation so the shareholder receives the money tax free. However, the company's articles may preclude gambling which could cause a problem. If the company looses long term then this does not affect the taxation position of either the company or the individual. I would submit that such activities are most improper and would probably require a licence which it almost certainly does not possess.
I do hope that I have shed some light on the situation for you..