I would first ask the host company how they set up their virtual hosts, as your new website turns out like a subfolder for the other website (not even a subdomain, in that case it would be bettingshark.faststeadygambling.com).
Until they sort it out, I would set up a 301 permanent redirect for that subfolder which points to http://www.bettingshark.co.uk/. Also it is advised to set up a 301 for the http://bettingshark.co.uk/ -> http://www.bettingshark.co.uk/ (considering you want the www version), so search engines won’t take the non-www version of the website as a duplicate.
Usually I can find awesome help in this forum for 301 redirects (just don’t use exact links when you post 
http://www.highrankings.com/forum/index.php?showforum=61