UK Budget Hits Online Operators
by Glenn Baird - October 30, 2018
As of October 2019, online operators in the UK will see a significant increase in their tax contributions. This will come as no surprise to most, as the government looks to compensate for the loss of revenue it will face when the maximum wager on fixed odds betting machines is reduced from £100 to £2.
Yesterday, Philip Hammond, Chancellor of the Exchequer revealed his autumn budget, in which we will see tax levels for online operators rise from 15% to 21%, an increase that falls short of what many were predicting.
Reports from last week suggested that the Remote Gambling Duty could rise as high as 25%, which has left some within the industry relieved, whilst others have been quick to criticise the 3rd tax increase in 4 years.
The increase in Remote Gambling Duty is estimated to earn the government 1.22 billion pounds over the next 5 years, whilst they are estimated to lose roughly 1.1 billion pounds from the changes to fixed odds betting machines.