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BGC welcomes RET tax if retail operators get protection
The Betting and Gaming Council has recently published its opinion on mandatory RET taxes on gambling operators, urging for a tiered system that protects land-based establishments.
Before writing about its concerns, the BGC stated in its announcement that the regulated gambling market has been contributing millions to research, education, and treatment initiatives for over two decades. The organization added that the network of charities supported by regulated gambling and betting operators is responsible for assisting over 85% of all of the United Kingdom’s problem gamblers.
The council further added that all of its RET donations go to independent charitable organizations that are trusted by the British Gambling Commission and that its members cannot decide or alter the ways their funds get spent.
BGC’s main concern is that the government will introduce a blanket 1% levy on all regulated gambling operators. The council is worried for retail businesses, as they are currently facing severe hardships due to economic instabilities and the long-lasting effects of the pandemic that continue to show their prevalence.
According to the BGC, its analysis suggested that a 1% tax on retail gambling and betting establishments will have the effects of a 10 to 15% levy on profits. This is due to a number of fixed costs that online gambling operators are not burdened by.
The Chief Executive Officer of the BGC, Michael Dugher, stated:
“As the BGC originally suggested mandatory RET levies on gambling operators, we are not opposed to the idea in any way. However, we are worried about retail gambling establishments as they face numerous economic hardships while also supporting a significant amount of jobs in the country. BGC’s top members already contribute 1% to RET initiatives on their own, and it is our priority to make sure that the funds reach credible charities that are doing excellent research. The government’s new levy system must be tiered to protect retail gambling businesses to both enhance our already leading rates of problem gambling and maintain thousands of jobs around the country.”
Lastly, the announcement mentioned that in 2022, the problem gambling rate among British adults dropped to 0.2%, one of the lowest in the world, from the prior year’s 0.3%, indicating the regulated gambling market’s continued commitment to responsible gambling.
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