Since the advent of online gambling in the 1990s, the UK has been a major source of new customers and revenue. The Liberal Gambling Acts of 2005 and 2014 created a market worth over £5 billion annually. 888’s multi-product platform has enabled them to establish strong brand presence in every sector from bingo to sportsbook. In addition to NetEnt, Playtech’s high-quality casino products are licenced by hundreds of new casinos and slot sites launched every year in the UK market.
Online Gambling Companies To Pay 15% UK Tax this new tax on offshore internet gambling sites used by UK residents is expected to raise £300m for the Treasury.
A new tax on offshore betting companies could raise £300 million for the taxpayer.
The Government will tax operators in the £2bn remote gambling market 15%.
From December 2014, gambling will be taxed based on where the customer is rather than where the online operator is registered.
A court on Friday dismissed a legal challenge to Britain’s plans to licence and tax online gambling companies.
Big British bookmakers like William Hill and Ladbrokes have moved their online operations offshore to places like Gibraltar to avoid paying local taxes. The gambling industry had been preparing for changes to online taxation that would cost it around £300 million ($480), but the decision hit bookmaker shares as the new regime approached.
Up 3.3 percent at 340p by 1110 GMT, William Hill shares were down 4 percent at 113.7p. However, gambling stocks were little changed on Tuesday, indicating investors do not expect the commission’s new rules to have a significant impact on income.
The Betting and Gaming Council (BGC) chief executive, Michael Dugher, said the industry was “determined to drive change and promote safer gambling”. “We welcome the Gambling Commission’s announcement, which builds on the BGC’s new code of conduct for the design of online games from last September to improve player safety,” he said.
“BGC members have already implemented measures such as slowing down spin speeds and banning several problematic gaming features. We have already committed to a minimum game cycle speed of 2.5 seconds, the end of turbo play, which allows players to speed up games, and the end of the multi-slot play, which allows players to stake on multiple games at the same time.
The move comes as the Gambling Commission is reviewing gambling laws, which could lead to tighter regulations like banning football shirt sponsorship.