Gambling operators continue to enjoy success in the UK, with more players choosing to place their wagers online. After all, it beats commuting to the casino, paying parking fees, and spending money on drinks and tips. What’s more, online players often get the occasional casino bonus that reduces their spending while enabling them to try more games. With these and more benefits awaiting players, it’s easy to see why many of them choose to place their wagers online. But could the new statutory tax on gambling change things? We find out.
Explaining the New Statutory Tax
In the past, casino operators were subject to a voluntary system where they could contribute as much as they wanted to fund the research, prevention, and treatment of problem gambling. However, since the levy was voluntary, operators were free to choose how much to give, which resulted in inconsistencies in the fund.
The new statutory levy seeks to raise £100 million annually by setting contribution requirements for all operators. Per the new standards, online operators will pay 1.1 % of their gross gaming yields, while land-based casinos will be subject to 0.5 %.
Impact on the Casino Sector.
Following the announcement of the levy on 27th November 2024, casino operators, players, and other stakeholders were unsure what this meant for the industry. But in recent months, the following potential effects have come to light:
With the levy set to be implemented in the first few months of 2025, casino operators are already coming up with ways to mitigate the potential risks to ensure that their operations remain sustainable in the face of these changes. As such, while it may have some possible negative effects on some operators, many casinos are looking at it as an opportunity to provide more value to their target market while positively impacting society as a whole.
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