#gambling-tax

#gambling-tax

Positive Money, Tax Justice UK, the Fairness Foundation, Equality Trust and others are campaigning for a windfall tax on banks' accelerating domestic profits. Inflation has yet again raised their takings to record heights for no extra effort, the same inflation that also raises the cost of living. When oil and gas prices soared in 2022, the Tory government set a 35% energy profits levy.

In her first interview since taking the role permanently in April, Stella David said any increase in gambling duties would compel Entain "to consider its investment level in the UK". She added there was "no doubt" that higher taxes would trigger "shop closures" across its 2,300 high street outlets. "At the end of the day we want to make a profitable global business," David said. "If the UK becomes uncompetitive, there are other markets we can pivot to. Every point of tax increase has a consequence - certain shops become unviable, and the scale depends on how far it goes."

Analysis by CasinoBeats suggests that offshore casino gambling has its advantages. The site's Wilna van Wyk argues that foreign sites can offer British gamblers more games, a wider variety of payment options, and larger payouts. She also points out that, while the sites do not have a UK license, they are regulated by various international gambling authorities. This could prove to be a problem for British gambling sites, though.

"No bank, financial institution, or any other person facilitating financial transactions or authorization of funds shall engage in, permit, aid, abet, induce, or otherwise facilitate any transaction or authorization of funds towards payment for any online money gaming service."