The Betting and Gaming Council said more than 540 betting shops had closed in Britain since last year’s Budget, with about 4,500 jobs lost. It warned that further tax increases could bring more closures and job losses; the Treasury said gambling duty rates for high-street shops had not changed.
The BGC warns that further tax increases could prompt more betting shop closures and job losses in Britain.
The day’s most important stories, free. One email a day.
The report says analysts believe Britain's largest gambling operators may be able to absorb a rise in machine games duty to 25%. Regulus warned that effects on cash flow and investment would emerge over several years, while closures remain possible.
The Betting and Gaming Council said the UK’s planned increase in Machine Games Duty to 25% could put nearly 9,000 jobs at risk and leave almost 1,000 betting shops and casinos facing closure or serious risk of closure, citing EY estimates. The council also cited more than 600 betting shops closed or set to close since the previous year’s budget and said over 11,000 online and retail jobs had been lost or put at risk. Its chief executive, Grainne Hurst, criticised the tax increase.
The Betting and Gaming Council (BGC) has criticised the UK Chancellor of the Exchequer's decision to raise Machine Games Duty (MGD) to 25%, the trade body said. The BGC said the increase would put almost 9,000 jobs at risk and leave almost 1,000 betting shops and casinos facing closure or serious risk of closure, according to estimates by EY cited by the council.
The Betting and Gaming Council says a possible increase in the UK’s Machine Games Duty to 40% could put up to 16,000 jobs at risk. It cites EY modelling that also estimates nearly 1,500 betting shops, up to 34 casinos and up to £124 million in Treasury revenue could be at risk. It was reported that the BGC asked the Government to rule out an MGD increase.
The Betting and Gaming Council (BGC) has said that a possible increase in the UK's Machine Games Duty (MGD) to 40% could put up to 16,000 jobs at risk, citing independent modelling by EY. The BGC, which represents the regulated gambling and betting industry in the UK, made the call ahead of the next Budget and asked the Chancellor to rule out any rise in MGD, to assess the effects of tax increases already introduced and to suspend a planned increase in General Betting Duty.
HM Treasury has rejected blame after Betfred announced the closure of over 130 shops. The dispute follows industry claims that tax rises are responsible for the closures. Betfred operates more than 1,200 betting shops across the UK.
Reportedly, the Social Market Foundation has advocated another increase in UK gaming duties. Online gaming currently faces a 40% tax following the first of two gambling tax increases.