{"id":7404,"date":"2024-11-04T15:25:26","date_gmt":"2024-11-04T15:25:26","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=7404"},"modified":"2024-11-04T15:25:32","modified_gmt":"2024-11-04T15:25:32","slug":"bgc-praises-uk-government-for-declining-tax-increase-on-gambling-industry","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2024\/11\/04\/bgc-praises-uk-government-for-declining-tax-increase-on-gambling-industry\/","title":{"rendered":"BGC Praises UK Government for Declining Tax Increase on Gambling Industry"},"content":{"rendered":"\n

The Betting and Gaming Council (BGC)<\/strong> praised the government for achieving the “right balance\u201d, noting that the gambling industry avoided significant tax increases in the budget presented by Rachel Reeves. <\/strong><\/p>\n\n\n\n

In this first Labour Party budget in nearly 15 years, it was expected that, after active lobbying by think tanks, the gambling sector would face serious tax pressure, as the Labour Party planned to raise taxes by \u00a340 billion ($48.5 billion). <\/p>\n\n\n\n

Stephen Hodgson, Deputy Director of Tax at Entain, described the decision to avoid significant tax increases on the gambling industry as  \u2018a sensible decision\u2019. He also supported the initiative to start consultations on the reform of online gambling taxation in the future. <\/p>\n\n\n\n

The Betting and Gaming Council also backed this decision. CEO Grainne Hurst<\/strong> emphasized that \u2018any duty rise would have hit customers, prevented growth, risked jobs and bolstered the unsafe, unregulated gambling black market\u2019.<\/p>\n\n\n\n

She added: \u201cThe 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.<\/p>\n\n\n\n

\u201cWith policy for the sector already set, our members can look to support the Government\u2019s ambitious growth agenda, generating tax, jobs and investment across the nation while continuing to support sports like horseracing.\u201d<\/p>\n\n\n\n

Nonetheless, Hurst warned that “while gambling taxes have not been increased, we will analyze how the rise in employers’ National Insurance contributions will affect BGC members, particularly smaller operators such as independent bookmakers and land-based leisure companies, including casinos.”<\/p>\n\n\n\n

Hurst noted: “BGC members contribute \u00a36.8 billion ($8.2 billion) to the economy, generate \u00a34 billion ($4.8 billion) in taxes, and support 109,000 jobs.<\/p>\n\n\n\n

“The regulated betting and gaming industry also provides funding for some of the country’s most popular sports.<\/p>\n\n\n\n

“According to a report prepared by EY at the request of the BGC, horse racing benefits to the tune of \u00a3350 million ($425 million) annually, the English Football League and its clubs receive \u00a340 million ($48 million), and snooker, darts, and rugby league receive over \u00a312.5 million ($15 million).<\/p>\n\n\n\n

\u201cBGC members are working with the Government and the Gambling Commission to deliver the proposals contained in the White Paper, many of which we called for to raise standards.\u201d<\/p>\n\n\n\n

Richard Williams,<\/strong> Partner at Keystone Law<\/strong> and Gaming, Licensing and Regulatory Lawyer, took to Linkedin to warn that \u201cIn light of these proposals, it appears that remote gambling duty will be merged into a single tax in due course and at a single rate. <\/p>\n\n\n\n

\u201cOn the basis that the 21% rate of remote gaming duty is unlikely to be reduced, the most likely outcome is that remote betting\/pool betting duty will also be increased to 21% of GGY in the not-too-distant future. 2025 is likely to be negative for the remote gambling industry, but for now, the feared duty increases have not materialized.\u201d<\/p>\n\n\n\n

Don’t forget to subscribe to our Telegram channel!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Betting and Gaming Council (BGC) praised the government for achieving the “right balance\u201d, noting that the gambling industry avoided significant tax increases in the budget presented by Rachel Reeves.  In this first Labour Party budget in nearly 15 years, it was expected that, after active lobbying by think tanks, the gambling sector would face […]<\/p>\n","protected":false},"author":7,"featured_media":7405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,1,24],"tags":[400,324,2106,2927,301,9922,10327,10326,10328,10324,10325],"class_list":["post-7404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gambling","category-news","category-regulations","tag-bgc","tag-entain","tag-gambling-industry","tag-gambling-market","tag-government","tag-grainne-hurst","tag-labour-party","tag-richard-williams","tag-stephen-hodgson","tag-tax-increases","tag-tax-reform"],"yoast_head":"\nBGC Praises UK Government for Declining Tax Increase on Gambling Industry - 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