UK Online Casino Players Worry About Gambling Tax Hike
Posted: November 28, 2011
Updated: October 4, 2017
United Kingdom Treasury is close to completing its review of the online gambling market in the country
Secondary licenses may well be introduced, once the long-awaited review of online gambling market including online sportsbooks and online casinos in United Kingdom is complete. UK Treasury estimates the country’s online gaming market at worth around GBP 1.7 billion.
Industry insiders and pundits agree that a review of British gambling laws is almost certain following the completion of the study. A secondary licensing fee is due to be introduced for offshore gaming operators interested in the deep penetration of the lucrative UK online casino market.
Keeping in mind such a possibility, online gaming giant William Hill, commanding around ten percent of the UK online gambling market share, ordered its own overview to be better prepared for any potential tax hikes. Renowned consulting and business services provider Deloitte was chosen to complete the task.
The consulting company has just finished the review and United Kingdom gambling news learned some interesting details. Results of the study suggest that the secondary taxation could make over forty percent of British punters turn to unauthorized or untaxed operators. This could happen as a result of the more trusted companies leaving the British market due to high taxes.
Deloitte revealed that any additional levy will lead to growth of the black market. The introduction of the fifteen percent tax on online gaming operations in United Kingdom could lead to two-fifths of currently legal companies exiting the market. British bettors will have no other alternative than to turn to questionable operators and risking getting into spotlight of the authorities.
William Hill spokesperson had the following to say to the media: "The question for the Government is, should it introduce policy which distorts markets?"
Naturally, experts could be wrong, and we will see no tax increase, once the UK Treasury study is complete. However preliminary indicators suggest otherwise and British gaming market could be on the brink of a major shakeup.
Industry insiders and pundits agree that a review of British gambling laws is almost certain following the completion of the study. A secondary licensing fee is due to be introduced for offshore gaming operators interested in the deep penetration of the lucrative UK online casino market.
Keeping in mind such a possibility, online gaming giant William Hill, commanding around ten percent of the UK online gambling market share, ordered its own overview to be better prepared for any potential tax hikes. Renowned consulting and business services provider Deloitte was chosen to complete the task.
The consulting company has just finished the review and United Kingdom gambling news learned some interesting details. Results of the study suggest that the secondary taxation could make over forty percent of British punters turn to unauthorized or untaxed operators. This could happen as a result of the more trusted companies leaving the British market due to high taxes.
Deloitte revealed that any additional levy will lead to growth of the black market. The introduction of the fifteen percent tax on online gaming operations in United Kingdom could lead to two-fifths of currently legal companies exiting the market. British bettors will have no other alternative than to turn to questionable operators and risking getting into spotlight of the authorities.
William Hill spokesperson had the following to say to the media: "The question for the Government is, should it introduce policy which distorts markets?"
Naturally, experts could be wrong, and we will see no tax increase, once the UK Treasury study is complete. However preliminary indicators suggest otherwise and British gaming market could be on the brink of a major shakeup.
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