BGC Welcomes Unchanged Gambling Taxes in the UK Budget
The Betting and Gaming Council (BGC), the representative body of United Kingdom (UK) gambling operators, has released a statement responding to the recent UK Budget, where it welcomed the decision not to increase gambling taxes on the regulated betting and gaming companies.
BGC responds to decision not to raise UK Gambling Taxes
LISTEN TO THIS ARTICLE:Last week there was a rumor that the first budget from the new Labour Government was set to hike gambling taxes for gaming operators in the jurisdiction. The statement from the Chancellor of the Exchequer did not alter current UK gaming levies, much to the relief of stakeholders in the gambling industry.
The UK Government says it is promoting a policy of growth and the BGC was keen to outline the positive impact its members have on the economy. This includes the gambling sector providing more than 100,000 jobs and generates a revenue to the UK economy of around £6.8 billion. The tax revenue from the regulated gambling sector in the UK stands at £4 billion annually.
Additionally, UK horseracing is one of the sports that gets funding from the gambling industry with the sport receiving £350 million a year. Another £50 million goes to other sports including snooker, darts, and rugby league. These revenues have a positive effect on sports in the region and have the added impact of supporting a range of direct jobs and related employment.
We welcome today’s budget and its commitment to not increase gambling duties on the regulated betting and gaming sector. 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.
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UK Gambling Industry Responds Favorably to UK Budget
Following the UK Budget, the gambling industry in the region has responded positively, which has led to shares in the major gambling companies enjoying a sharp rise. Flutter Entertainment, the owner of some of the largest gambling brands saw its shares rise 5.62% to £18.140 on the day. There were similar rises for Entain, its shares were up 8.64% to £7.748, and Evoke shares enjoyed an increase of 11.8 per cent to £0.592.
Leadership at the British Horseracing Authority (BHA), the administrator of racing in the UK, has also responded to the UK Budget and echoed similar sentiments to the BGC. The BHA welcomed that gambling taxes have remained unchanged for the gaming industry. However, it did say it has concerns over the increases in business rates and other rises in taxes relating to employment in the industry.
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