Gambling firms rake in £1 billion extra from punters as calls for tax rises mount.
The UK's lucrative gaming industry has revealed a significant surge in profits, with betting companies generating an additional £1 billion from punters in the year to March. The latest data shows that the industry made £12.6 billion from services excluding lotteries, a 9.3% increase on the previous year's figure of £11.5 billion.
A major contributor to this growth was online casino gaming, which saw a 55% rise in gross gambling yield compared to pre-pandemic levels. This comes as campaigners have long argued that online casinos are particularly addictive and should be subject to higher taxes to help mitigate the social harm caused by gambling.
Critics say that the industry is making "vast and growing profits" through highly addictive products, often targeting vulnerable communities. Iain Duncan Smith, chair of a cross-parliamentary group examining gambling harm, has called for more addictive forms of gambling like online casinos and machines in adult gaming centres to be taxed at a higher rate.
Meanwhile, the Treasury committee has been examining gambling taxes and believes that addictive online betting should face higher taxes than forms of gambling with cultural benefits. The committee's chair, Meg Hillier, warned that the government must not "cave in" to industry scaremongering about job losses caused by higher taxes.
The gaming industry is expected to lobby the Chancellor on Wednesday over proposed tax rises, despite its own powerful supporters arguing against increases. Industry bigwigs, including Joanne Whittaker, chief executive of Betfred, have warned that even a modest rise in machine games duty would have a devastating impact and cut the industry's contribution to Treasury coffers.
However, campaigners remain unconvinced by these claims, with many warning that the industry is operating a "black market" and paying no tax. The Betting and Gaming Council has defended its members, arguing that they generate £6.8 billion for the economy, contribute over £4 billion in tax, and support 109,000 jobs.
As the Chancellor prepares to make their budget speech on Wednesday, campaigners are likely to push for increased taxes on the gaming industry to help tackle the social harm caused by gambling.
The UK's lucrative gaming industry has revealed a significant surge in profits, with betting companies generating an additional £1 billion from punters in the year to March. The latest data shows that the industry made £12.6 billion from services excluding lotteries, a 9.3% increase on the previous year's figure of £11.5 billion.
A major contributor to this growth was online casino gaming, which saw a 55% rise in gross gambling yield compared to pre-pandemic levels. This comes as campaigners have long argued that online casinos are particularly addictive and should be subject to higher taxes to help mitigate the social harm caused by gambling.
Critics say that the industry is making "vast and growing profits" through highly addictive products, often targeting vulnerable communities. Iain Duncan Smith, chair of a cross-parliamentary group examining gambling harm, has called for more addictive forms of gambling like online casinos and machines in adult gaming centres to be taxed at a higher rate.
Meanwhile, the Treasury committee has been examining gambling taxes and believes that addictive online betting should face higher taxes than forms of gambling with cultural benefits. The committee's chair, Meg Hillier, warned that the government must not "cave in" to industry scaremongering about job losses caused by higher taxes.
The gaming industry is expected to lobby the Chancellor on Wednesday over proposed tax rises, despite its own powerful supporters arguing against increases. Industry bigwigs, including Joanne Whittaker, chief executive of Betfred, have warned that even a modest rise in machine games duty would have a devastating impact and cut the industry's contribution to Treasury coffers.
However, campaigners remain unconvinced by these claims, with many warning that the industry is operating a "black market" and paying no tax. The Betting and Gaming Council has defended its members, arguing that they generate £6.8 billion for the economy, contribute over £4 billion in tax, and support 109,000 jobs.
As the Chancellor prepares to make their budget speech on Wednesday, campaigners are likely to push for increased taxes on the gaming industry to help tackle the social harm caused by gambling.
The UK is basically letting these big-time gaming companies run amok, making bank while normal people can't even afford a pint 
. It's just not right that they get to keep most of their profits and pay peanuts in tax. And don't even get me started on online casinos - it's like they're designed to be super addictive, preying on vulnerable people who can't stop playing 
. I think the Treasury committee is finally getting it right when they say these companies should face higher taxes. It's not about the jobs (or lack thereof) - it's about responsible business practices and making sure the industry doesn't just exploit its most vulnerable customers 
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I mean, it's just so convenient that they got a 9.3% tax break... didn't even try to hide it 
, but at the same time, online casinos can be super addictive and cause problems for people who struggle with it 
. i'm not saying we should just shut down the industry, but maybe there's room to find some middle ground 
... like increasing taxes on certain types of gambling that are more likely to harm people? 
it's a tough balance between generating revenue for the treasury and looking out for the well-being of our citizens 
.
what's up with these bigfoot sneakers? they're so comfy but also kinda ugly 
anyway, have you seen those old-school gaming arcades from like 90s or early 2000s? they were always so lit! 
. It's like we're back to the same old circus where the ringmaster (industry bigwigs) is doing tricks to distract us from the fact that they're making bank off people's vices 
. It's time for us to have a grown-up conversation about how we can make a difference without just taxing our way out of it 
.
. And don't even get me started on the vulnerable communities being targeted by these online casinos - it's like they're preying on people who can least afford to lose money 
. The industry is always trying to find ways to avoid paying tax, claiming it'll kill jobs or whatever... meanwhile, we should be worried about the actual social harm caused by their addictive products 
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. And what's the industry's excuse again? That higher taxes will kill jobs? I don't buy it 
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. £1 billion extra profit from punters is just too much... I mean, not enough 
. Online casinos are like, super addictive and stuff 
. We should be taxing them more to help people struggling with addiction. But at the same time, I don't want to see the industry shut down entirely 
. I mean, they do pay a lot of tax already (£4 billion) and it's not all bad news... their jobs are important 
. And what about those £6.8 billion they claim to contribute to the economy? That sounds legit 
.
. Maybe a compromise would work? Higher taxes on addictive games, lower taxes on others... something like that 
. The £1 billion extra is just a drop in the ocean compared to how much damage it could do to people's lives. I mean, think about all those people who are already struggling with mental health issues or financial problems and then they get sucked into this never-ending cycle of chasing losses 
, it's wild that they're not taxed more already 
, especially for vulnerable communities. maybe the gov should listen to Iain Duncan Smith and raise taxes on online betting 
, they're making millions