Higher taxes and tighter regulations are pushing more European gamblers toward unlicensed sites, according to a new report from the UK’s Betting and Gaming Council (BGC).
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Betting and Gaming Council concerned over potential UK gambling tax rise
Betting and Gaming Council (BGC) executives Grainne Hurst and Stephen Hodgson expressed concern over a possible rise in UK gambling taxes during a government select committee session.
Chief executive Hurst and tax policy advisor Hodgson have been actively pushing back against the expected tax increase through a series of reports and public statements.
With less than a month remaining until Labour chancellor Rachel Reeves delivers her Budget on November 26, both representatives were questioned by the Treasury Committee about their stance. They warned that raising gambling taxes could strengthen the unregulated market, stressing that the regulated industry is already contributing its fair share.
The Social Market Foundation and the Institute for Public Policy Research have both put forward the idea of increasing gambling taxes, proclaiming that it could bring in a lot of extra revenu. The BGC was not in agreement, advising that the tax raises may lead to a loss of up to 40 thousand jobs, drive £8.4 billion in bets to the unregulated market, and take £3.1 billion out of the UK economy.
Other figures in the industry have also expressed their opinions as the discussion intensifies ahead of the Budget. Entain’s CEO Stella David said that in light of the tax increases the company would possibly need to re-evaluate its investment plans. Betfred’s chief Fred Done on the other hand, said that the tax increases would put its betting shops at risk.
The UK Gambling Commission has published its fourth and last report of its ongoing series that is looking into the issue of illegal online gambling.
This series of reports,...
