Chancellor's Gaming Duty Freeze Sparks Concerns in Casino Sector
Date: 2023-11-26 Author: Dima Zakharov Categories: CASINO, EVENTS
Casino Tax Freeze Raises Concerns
The Betting and Gaming Council (BGC) expressed disappointment as Chancellor Jeremy Hunt's autumn statement revealed a freeze in gaming duty bands. The BGC anticipated an adjustment for inflation, but the decision effectively imposes a £25 million tax increase on casinos over the next five years.
Impact on Casino Sector
The BGC emphasized that the freeze compounds challenges faced by casinos, including the cost-of-living crisis. With casinos contributing £300 million annually in taxes and employing 25% fewer workers than four years ago, the sector is grappling with closures and declining employment. The BGC argues that the gaming duty freeze hinders recovery and growth.
Support for Gambling Reforms
While supporting the government's gambling white paper, the BGC urged reconsideration of the gaming duty freeze. The white paper proposes reforms in affordability checks, sports betting, and machine numbers. Michael Dugher, BGC's CEO, contends that removing the stealth tax could provide a crucial boost for the struggling casino sector.
