Gambling tax hike is a losing bet and will cripple a major British industry
Increased gambling taxes in the UK are threatening the stability of a major industry and causing widespread business closures.Summary
The UK government, led by Chancellor Rachel Reeves, has implemented significant tax increases on gambling, including raising remote gaming duty from 21% to 40% and online betting duty from 15% to 25%. These hikes are already causing major industry players like Evoke, Paddy Power, and Entain to face financial distress, leading to shop closures and job losses.
The article argues that the Treasury's forecast of £1.1 billion in additional revenue is overly optimistic. It suggests that higher taxes will drive casual gamblers away and encourage hardcore gamblers to use VPNs to bet offshore or move to prediction markets. Ultimately, the policy risks crippling a global leader in the $250 billion gambling industry, destroying jobs, and harming the British high street for minimal long-term fiscal gain.
(Source：Money Week)