"Online casinos and bookmakers will pay billions of pounds more in tax under a steep rise in duties levied on their takings from British gamblers. Shares in UK gambling firms began tumbling even before Rachel Reeves announced the change in her budget, after the Office for Budget Responsibility (OBR) which assesses the likely impact of tax changes accidentally published a document confirming that the industry had been singled out for higher taxes."
"But larger and more diversified players, such as Flutter, which owns Paddy Power, and Ladbrokes' owner Entain, recovered much of their losses later in the day, as it became clear that firms heavily weighted towards online gambling would be hit hardest. In her second budget as chancellor, Reeves announced duty changes that the OBR expects to raise an extra 1.1bn a year by 2029-30,"
UK online casinos and bookmakers will face significantly higher duties, with remote gaming duty rising from 21% to 40% next April and general betting duty for online wagers increasing from 15% to 25% from April 2027. The Office for Budget Responsibility expects the changes to raise an extra £1.1bn a year by 2029–30. Larger, diversified gambling groups experienced share volatility while firms concentrated in online gambling were projected to be hardest hit. The sector generated £12.6bn from punters last year. Lawmakers emphasized cultural value from racecourses and bingo halls and warned that online slots can rapidly harm vulnerable people.
Read at www.theguardian.com
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