"Gambling companies don't lose very often but nor are they usually playing a game of poker against the chancellor of the exchequer. At next week's budget, Rachel Reeves is widely expected to announce an increase in the duties that bookies and casinos pay to the Treasury, ending months of speculation and frenzied lobbying designed to sway the government. The tax rise could cost the industry"
"It's complicated but, in essence, it works like this. When customers win, they aren't taxed at all. For companies, there are three main rates of duty: Remote gaming duty (RGD), applied to online games of chance, is levied at 21% of profits applied to what they win from punters. Machine games duty (MGD) applies to physical slot machines, mostly at"
An imminent budget is expected to increase duties on bookmakers and casinos, potentially raising between about 1bn and 3bn depending on the scale. Customers' winnings remain untaxed. Companies currently face three main duties: remote gaming duty (RGD) at 21% of profits from online play, machine games duty (MGD) mostly at 20%, and general betting duty (GBD) mostly at 15%. Together these duties produced about 2.5bn from roughly 11.5bn in industry revenues last year. Thinktanks IPPR and SMF propose much higher rates, including RGD near 50%. Critics warn of job losses and growth risks; supporters cite social policy funding.
Read at www.theguardian.com
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