BGC: FURTHER GAMBLING TAX RISES THREATEN JOBS, HIGH STREETS AND BRITISH RACING

The Betting and Gaming Council (BGC) has warned against further tax increases on the regulated betting and gaming industry, following reports that the Treasury is considering raising Machine Games Duty from 20 per cent to 25 per cent in the upcoming Budget.

Grainne Hurst, Chief Executive of the Betting and Gaming Council, said:

“Any further tax increase would heap more pressure on an industry already facing substantial tax rises, threatening jobs, high streets and vital funding for British racing.

“The industry is already grappling with the near doubling of Remote Gaming Duty and preparing for a sharp rise in General Betting Duty. Further tax increases would add to the burden on businesses already making difficult decisions about jobs, investment and their future.

“These are not hypothetical warnings. We have already seen betting shop closures at Betfred, further job cuts proposed by Entain and bet365, and Flutter’s announcement this week that up to 1,400 jobs could be lost. Across the sector, thousands of jobs have already been lost or put at risk.

“The Treasury must resist poorly evidenced calls for further increases without considering the wider economic impact. Higher taxes do not automatically mean higher revenues, particularly when they lead to business closures, people losing their jobs and reduced investment.

“With the Budget still to come, we urge the Chancellor to consider the full economic consequences of any further tax increases and protect the jobs, businesses and British sport that depend on the regulated industry.”