Yet another on-line offshore betting concern hopes to enter an increasingly crowded marketplace. betinternet is currently in the throes of raising £7m to finance the promotion and development of the brand. The Isle of Man-based group, which is seeking admission to AIM, will launch its global tax-free betting service today, having evolved from a telephone-based operation. It claims that it generates a weekly turnover in excess of £250,000, making it one of the largest on-line betting groups on the market. It focuses on sports with international appeal, such as American football, Formula 1, golf and basketball. Chairman and managing director Vincent Caldwell ran a chain of six betting shops in Dublin before moving offshore in 1995.