Can The UK Afford To Lose Gambling Tax Revenues?

Most European countries have decided that legalizing online gambling is a far better alternative to trying to ban it outright. People always find a way to play their favorite games over the Internet and state coffers are deprived by the revenue generated by gambling. The UK is a shining example of a nation that handles online gaming professionally, through its regulators and predictable laws.

There are still some voices saying that further restrictions and betting limits need to be implemented to protect the most vulnerable players. You will find the best sites here will have to abide by strict regulations. This view is, naturally, not shared by most bookmakers and online casinos who claim that their profit margin will be rendered virtually irrelevant. Lawmakers need to walk the thin line separating smart legislation from prohibitive laws that would drive gambling operators away.

 

Operators Targeting UK players are Reasonably taxed

The UK GC is the authority in charge of making sure that gambling companies like seen on bingosites.co.uk don’t deceive their players and that a fair environment is being maintained. Meanwhile, the authorities are taxing the gaming industry and use the funds to invest in education and healthcare. Because of the sheer size of the UK betting market and the significant amount spent by players, a lot of money goes to state coffers. Having said this, the taxation rates are reasonable, compared to other countries which have higher limits.

There are different duty categories that determine the taxes paid by gambling operators, based on their profile. Bingo and lottery companies pay a different rate compared to casinos and bookmakers, and offshore companies accepting UK players are also subject to fees. General Betting Duty, Pool Betting Duty, or Remote Gaming Duty is paid by offshore companies, but the good news is that the winnings made by players are not being taxed.

The UK makes a lot of money from taxing gambling, but players are not subject to taxation. This means a great deal for those who spend a lot of time and money gambling online, as taxes would eat away at their slim profit margin. This makes the UK a much better place for online gambling compared to Las Vegas where winnings exceeding $5000 are tax. Visitors from outside the United States pay 30%, while those who live in the state of Nevada are charged 25%.

 

How much money does the UK make from gambling?

To get a better understanding of what’s at stake, lawmakers must pay close attention to the UK gambling revenue. These numbers have doubled from 2007 to 2017, hitting £2.7 billion and even more, cash was generated in 2018. Remote gambling is the largest sector according to the UK GC as it represents more than a third of the entire market. This is also the fastest-growing department, so while the government can consider changes to limits and regulations, losing the gambling tax revenue isn’t an option.