"With speculation mounting that the Chancellor will sharply increase Machine Gaming Duty (MGD) in the November 26 Budget, trade bodies say the move risks pulling away one of the last remaining revenue supports for thousands of community pubs. Fruit machines have been part of Britain's pub culture for more than 50 years, and although their numbers have declined since their heyday, they remain an essential income stream."
"According to UKHospitality, almost 36,700 fruit and slot machines operate across nearly half of the UK's pubs, generating £622 million annually. Once taxes, supplier rent and other charges are deducted, operators are left with an estimated £385 million - or roughly £8,500 per pub - at a time when margins are already "wafer thin". Fears have intensified following reports that Reeves is preparing significant increases in gambling taxes to help plug a £30 billion hole in the public finances."
Trade bodies and pub operators warn that sharp increases in Machine Gaming Duty and other gambling taxes could remove a crucial revenue stream for thousands of community pubs. Almost 36,700 fruit and slot machines operate across nearly half of UK pubs, generating £622 million annually and leaving operators with an estimated £385 million after costs, around £8,500 per pub. Proposals under consideration include large jumps in duties on sports betting and machine/online slots to help close a £30 billion public finance gap. Operators say the move would exacerbate pressures from higher wages and national insurance increases and further strain already thin margins.
Read at Business Matters
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