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Well if the company is licenced that is quite a dirrerent matter.
You should have followed up on the original question which will make it easier for me to respond.
It is the gambling which was improper unless the company had the necessary licences when the whole position changes. In that case the shareholders activities would be gambling and profits and losses outside the scope of UK taxation. As far as the company is concerned the profits and losses would be part of its trading activity and also may be liable to General Betting Duty.