The UK betting and gaming sector faces a potential economic downturn if new tax hikes go ahead, according to independent analysis by EY. Commissioned by the Betting and Gaming Council (BGC), the study warns that proposals from the Social Market Foundation (SMF) and the Institute for Public Policy Research (IPPR) could result in tens of thousands of job losses, reduced tax revenue, and an expanded illegal gambling market. EY’s findings suggest that the proposed tax increases could eliminate over 40,000 jobs, shift £8.4 billion in wagers to the black market, and reduce the sector’s economic contribution by £3.1 billion. Despite these consequences, the new tax rates would generate only a fraction of the additional revenue forecasted by their proponents. Currently, the regulated gambling industry contributes £6.8 billion to the UK economy and pays £4 billion in taxes annually. It supports more than 109,000 jobs nationwide, with major hubs in Stoke-on-Trent, Manchester,…Â Read More
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Source: Casino News Daily
