Rachel Reeves’ ‘battle on enjoyable’ playing tax defined – and what it might imply for you
The Chancellor’s Autumn Budget at the end of the month could see the gambling industry hit with tax hikes as a means for plugging the massive £30bn black hole in public finances
With millions of Brits still enjoying a cheeky flutter, critics are warning Chancellor Rachel Reeves that her tax grab could be the biggest gamble of all. Labour has been accused of waging a “war on fun” after fresh concerns that higher betting taxes could kill off the bonuses, boosted odds and free bets loved by millions in the UK.
The Chancellor has been told that punters will suffer if new tax rises in the upcoming Autumn budget force bookies to scrap popular promotions. Experts have indicated that it would hammer the high street, cost jobs and drive people to dodgy black-market sites.
A new YouGov poll for the Betting and Gaming Council (BGC) found that 57% of punters say their weekend betting would be less enjoyable if offers and special deals disappeared.
The findings also reveal the biggest impact could fall on Labour’s traditional Red Wall communities, in the Midlands and North England, where betting remains one of Britain’s best-loved pastimes. BGC chief executive Grainne Hurst said: “This polling sends a clear message from punters.
“They want betting to remain fun and enjoyable, and offers and promotions are a vital part of that. But if the Government further hikes taxes, the offers customers enjoy the most will be placed under threat, which is tantamount to a war on fun, while creating yet another lure to the unsafe, growing gambling black market,” reports the Sun.
In addition, industry experts fear the move would wipe out tens of thousands of jobs, hammer sports clubs who rely on sponsorship and hand profits straight to criminal gangs running illegal gambling sites. Meanwhile, horse racing looks set to dodge the Chancellor’s tax hikes – but the sport could still end up suffering.
One insider said: “The Treasury just doesn’t get it. You don’t protect horse racing by taking £1bn from the gambling sector, you do the complete opposite. “The pleasure police who despise gambling have bet the Government will dance to their tune, and unfortunately, it seems like they are.
“It will cost thousands of jobs.” Last month, Betfred co-founder Fred Done said all of its 1,287 shops and 7,500 jobs would be put at risk if there is a rise in gambling taxes.
He added that the Chancellor’s proposed tax rises were the “biggest threat” to the industry in his 57 years. “If it went up to anywhere like 40% or even 35% there is no profit in the business.
“We would have to close it down. I’m talking job losses.
“We’re talking probably 7,500. Once the [UK] industry is closed down, it’s gone.
“People will still bet, but they’ll bet offshore with it. There’s plenty of bookmakers offshore who happen to take the bets, who don’t pay anything to this country,” he said.
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