New Online Gambling Regulations Hit UK on October 1st

Published July 25, 2014 by Lee R

New Online Gambling Regulations Hit UK on October 1st

New licensing requirements do not require tax changes.

Britain's bookmakers are currently attempting to adapt to a significant rise in taxes on fixed-odds betting stations, while also facing the implementation of a point of consumption tax on all gambling.

Levy on All UK Sports Betting

The adaptation just got harder with today's announcement by the British Labour party of a possible mandatory levy on all sports betting.

News of the proposal was revealed in a consultation document called “More Sport for All” and issued by Labour party Shadow Culture Secretary Harriet Harman. The document generally outlines a new set of proposed policy ideas "designed to shape a long term strategy and support community sport."

Reinvestment in Fitness Programs

Speaking for the Labour party, Harman envisions the levies as ways to regenerate revenue for community projects starting with promotion of physical activity, a program sorely lacking in financial support since the government ended a national fitness program called School Sports Partnerships.

"Labour wants to help everybody to do more sport and physical activity – from children to the elderly, girls and well as boys and people from all backgrounds and regions," explained Harman.

UK Online Gambling Profile

At this juncture, online gambling in the UK represents one of the largest markets of its kind in the world.

Online gambling in the UK currently accounts for 8% of the global market compared to 37% of the global market for all European countries excluding the UK, and 10% of the global market for the United States.

In sheer revenue value, the 2013 UK market for online gambling was valued at 2.5 billion pounds. From this total, online poker generated 329 million euros ($559 million).

Incoming Gambling Act

New regulations aimed at removing the grey area for online gambling in the UK include the Gambling Act of 2014 which requires offshore operators to hold a UK license before reaching out to UK customers, effective October 1st.

Nonetheless, the license-focused Gambling Act does not mandate a change in the tax system. Added levies are separate proposals from Labour party legislators.

See also

Red Rake Gaming Introduces 1st of the Irish Slot

NHL Stanley Cup Finals: Game 1 Preview And Betting Markets

Betting Odds for Serie A: Race for 1st Place in Italy

UK Online Gambling Reguation State of Affairs

USA Online Gambling Regulation News Updates

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