Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Government plans £100m annual levy on gambling firms to tackle harms

by November 26, 2024
November 26, 2024
Government plans £100m annual levy on gambling firms to tackle harms

Casinos and bookmakers across Great Britain are set to face a mandatory £100 million annual levy to fund research, education, and treatment of gambling-related harms, under new government proposals expected to be announced imminently.

The move aims to replace the current voluntary donation system with a statutory levy, compelling gambling operators to contribute a fixed percentage of their gross gambling yield to address the negative impacts of gambling. This shift would mark a significant change in how the industry supports harm reduction initiatives.

Sources indicate that details of the levy could be unveiled soon, with implementation potentially starting from next April. Under the proposed terms, gambling firms would be required to pay 1% of their gross gambling yield—the total amount they win from British gamblers—towards funding support services. Based on recent figures from the Gambling Commission, which reported industry earnings of £10.9 billion over the past year, this could generate approximately £109 million annually.

However, previous consultations have suggested a lower rate of 0.4% for land-based operators like high street bookmakers and casinos, acknowledging their higher operational costs. Smaller firms with gambling revenues below £500,000 are expected to be exempt from the levy.

Iain Duncan Smith, chair of the All-Party Parliamentary Group on Gambling-Related Harm, welcomed the initiative, stating: “For the first time, the gambling industry will be mandated to pay for the harm they cause. This is a significant step forward in addressing gambling-related issues.”

The funds raised are anticipated to support a range of initiatives, including the establishment of new NHS specialist addiction clinics and funding for charities that provide education, counselling, and support services for those affected by gambling-related problems.

A potential point of contention is the allocation of the funds, particularly concerning GambleAware, the UK’s leading gambling charity. Under the current voluntary system, GambleAware is the largest recipient of industry donations. There are indications that the Office for Health Improvement and Disparities (OHID) may become the government’s preferred destination for funds collected under the new levy.

The industry’s trade body, the Betting and Gaming Council (BGC), had initially expressed support for a statutory levy when it was proposed in a government white paper. However, the BGC has since raised concerns. In a statement, a BGC spokesperson said: “We previously proposed a mandatory levy and welcomed the government’s announcement for a new system of payments with independent funding allocation. However, we remain concerned that there should be a sliding scale for land-based businesses with higher fixed costs and that funding for established providers of research, prevention, and treatment services is protected.”

The Department for Culture, Media and Sport declined to comment on the forthcoming announcement.

Read more:
Government plans £100m annual levy on gambling firms to tackle harms

0
FacebookTwitterGoogle +Pinterest
previous post
UK salaries rise at fastest rate in three years as Christmas hiring boosts job market
next post
Influencer Overload? How to Navigate the World of Influencers in a £21 Billion Industry

You may also like

Why BA keeps climbing despite the turbulence: inside...

March 16, 2025

Jeremy Hunt and Rishi Sunak’s profit tax rise...

May 22, 2023

Unveiling the Truth: Blockchain’s Transparency Revolution

August 30, 2024

Inflation could create £2bn rise in business rates

October 19, 2023

A Letter from a venture capital firm to...

September 8, 2022

Farnborough Airshow explodes with £39.3bn in deals on...

July 22, 2024

Hospitality firms plead for energy bill support to...

August 16, 2022

Getting to Know You: Donald Turk, Construction Vehicle...

January 20, 2023

Red Sea Shipping Disruption Sends Ripples Through UK...

February 26, 2024

UK Manufacturing Sector Shows Signs of Recovery

April 3, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved