APRIL FOOLS? THERE’S NOTHING FUNNY ABOUT BILLIONS BEING STAKED ON THE BLACK MARKET

The Betting and Gaming Council is warning the harmful illegal gambling market is already growing rapidly and faces further acceleration following Rachel Reeves’ Budget.

While April Fool’s Day is synonymous with pranks and jokes, the scale of Britain’s growing gambling black market is no laughing matter.

As the new tax year begins, the Betting and Gaming Council has warned that billions are already being staked with illegal operators, with further tax increases driving up costs for regulated firms and will only accelerate the shift to the black market.

From Wednesday 1 April, the rate of Remote Gaming Duty increases from 21% to 40%, following changes announced in last year’s Autumn Budget.

The BGC warn illegal operators are undercutting regulated firms because they pay no tax, follow no rules or regulations and offer none of the safeguards designed to protect customers.

By contrast, the regulated betting and gaming industry supports 109,000 jobs, contributes £6.8bn to the economy and generates £4bn in tax, while also providing vital funding for British sports and operating to world-leading standards on player protection.

Alongside the Chancellor’s tax changes, the threat from the black market will be exacerbated by proposed Financial Risk Assessments. Ministers promised frictionless checks, but Gambling Commission trials using Credit Reference Agency data have already produced inconsistent results.

There are serious concerns these checks will force customers to hand over sensitive financial documents, something most punters are unwilling to do, driving them straight to the illegal black market.

Grainne Hurst, CEO of the Betting and Gaming Council, said:

“This is not a future threat, it is already happening.

“Billions of pounds are being staked with harmful illegal operators and the black market is growing fast.

“Following the Chancellor’s Budget, the black market is continuing to grow. Rising taxes on the regulated sector are making it harder for licensed operators to compete, while illegal sites continue to offer better odds and bigger incentives because they pay no tax and follow no rules.

“At the same time, there is a real danger that measures like Financial Risk Assessments make matters worse. Ministers promised frictionless checks, but trials have already raised serious questions about whether they will work as intended.

“If punters are forced to hand over bank statements and other sensitive financial documents, many will simply walk away from the regulated market altogether.”