BGC chief warns government gambling industry is 'at a crossroads' with black market its biggest threat
The Betting and Gaming Council chief warns the UK gambling industry faces a critical juncture due to tax hikes, potentially fueling a surge in the black market.Summary
Betting and Gaming Council (BGC) chief executive Grainne Hurst has cautioned that the UK gambling industry is “at a crossroads” following recent budget decisions that increased taxes on remote gaming and betting. These increases, raising remote gaming duty to 40% and remote betting duty to 25%, are predicted to lead to a £500 million increase in unlicensed activity, according to Treasury figures. Hurst emphasized that the growing black market, lacking consumer protections, poses “the single biggest threat” to the industry.
Gambling minister Baroness Twycross acknowledged the challenges these changes present but defended the government’s need to support public finances. The BGC argues that the increased tax burden, combined with existing regulations, has reached a tipping point, potentially undermining a successful British industry. Concerns were also raised about the pace of affordability checks and the need for a pause to evaluate current regulations.
Both the Gambling Commission and the BGC highlighted the importance of getting regulations right, with the Commission considering the potential integration of cryptocurrency as a payment option. Hurst urged the government to support, rather than weaken, the industry, warning that further tax increases risk accelerating the growth of illegal gambling.
(Source：Racing Post)