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Clearly a Better Party

The UK elections are heating up the industry media right now as the online casino gambling and betting industry decides which party is going to best create some positive new tax changes in the UK market in the coming years. The double taxation on UK licensed online casinos has created a lot of controversy as major UK companies have moved their internet betting and gambling divisions to other licensing jurisdictions to avoid the huge taxes and levies. Well, the Labor Party in the UK is not winning any votes of favor within the online casino industry with its announced plans to now extend the 10 percent levy onto all offshore and foreign gambling companies that are accessing UK gamblers.

Right now, UK licensed online casinos are forced to pay a 15 percent tax on their gambling revenues to the government. That is not altogether uncommon in and of itself. But then, in addition to the 15 percent tax, a 10 percent levy has been tacked on over the past several years as a way to fund the horseracing industry, arguably a dying sport in the UK. The UK uses money out of the levy to fund nearly half of all of the yearly prize money that is offered in the horseracing industry…and online casino betting and gambling companies simply cannot afford to continue paying these high taxes on every cent of their revenue.

The Conservative Party in the UK is a bit of a better bet for the online casinos and betting sites – the Party has publicly noted that it feels the current levy is outdated and an unfair and ineffective way to handle funding horseracing and taxing the gambling industry. As the debate and race heats up, count on several of the major UK gambling groups to jump into the fray – Ladbrokes already has!