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UK gambling tax set to raise £100M for harm reduction
Gambling operators in the UK will soon face a new tax on their profits, which could be as high as 1.1% for certain types of games, as the government is aiming to raise £100 million a year for research and efforts to reduce gambling harm.
Referred to as “statutory levy”, the new tax will be applied on all licensed gambling operators-ranging from 0.1% to about 1.1% for their profits based on what specific gambling type is offered.
The government intends to review the imposed tax within a period of five years, with the first formal review expected by 2030. Initially, the news of the tax came following a budget announcement by Rachel Reeves, the UK Chancellor, where any of the expected rises in taxes on the gambling sector were not included, as a result of which the gambling companies saw their share prices go up. This new tax is part of a larger reform project presented in 2023 in a white paper under the Conservative government.
Anti-gambling campaigner Matt Zarb-Cousin supported the implementation of the new tax, saying:
“It will totally transform the research, prevention and treatment of gambling harm.”
Entain, Flutter, Evoke (owner of William Hill), and Bet365, the four largest gambling companies, made commitments to pay 1% of their profits to the industry-funded charity GambleAware in preparations of the forthcoming tax. With the financial year ending in March, the charity said it received donations of £49.5 million, £46.6 million of which came from the top four operators.
GambleAware CEO Zoë Osmond shared in a statement:
“This represents a significant step towards protecting people from gambling harm. The levy is also a crucial step towards ensuring continued support through a statutory system and is something we have been calling for since 2017.”
The Betting and Gaming Council, which advocates for the industry, stated that it is in favor of the plans for the tax presented in the proposal from last year.
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