UK to not increase gambling taxes for now

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UK to not increase gambling taxes for now

Despite different rumors and discussions around the industry, the UK labor government decided not to increase gambling taxes for now.

The tax hike in the UK was aimed at addressing the £22 billion deficit left by previous administrations. While many people believed the tax hike could be beneficial, industry-famous names announced their concerns and warned that the tax hike would harm the already challenging industry of gambling. Fortunately, the labor government decided not to increase the taxes, at least for now.

BGC CEO Grainne Hurst expressed his excitement:

“We have been clear: any duty rises now would have hit customers, prevented growth, risked jobs, and bolstered the unsafe, unregulated gambling black market. Government has listened to the BGC and our members, got the balance right, and rejected calls from anti-gambling prohibitionists seeking to threaten jobs and growth.”

Different proposals on UK gambling taxes

Earlier this month, it became clear that the UK was considering the two proposals on gambling taxes. The first one was from the Institute for Public Policy Research (IPPR), which insisted that by increasing taxes, especially on “higher harm products” such as sports betting and online casinos, the government could generate up to £2.9 billion in 2025.

The second proposal was from the Social Market Foundation (SMF), which suggested having moderate updates on the industry, increasing online gambling taxes from 21% to 42%.

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