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New UK gambling tax to increase 300m in revenues

New UK gambling tax to increase £300m in revenues

A new gambling tax will be applied to gambling companies offering its services to British players. The tax will be based on where the consumer is based rather than where the company is located. PokerNews announced this in 2012, but back then it was unknown when the law was to start running. Rumour has it that it will be put into practice on December 1, 2014.

Gibraltar based companies such as, Ladbrokes, William Hill and Betfair have taxes charged at a 1% with a £425,000 limit. However, under the new rules, these companies will have to pay taxes at a rate of 15% of any profit earned from the British market, same as domestic gambling companies are obliged to pay. This could generate £300 million in additional tax revenues.

Many poker players wonder if this legislation will affect them too but fortunately, it won't as online poker makes up only a small percentage of revenues compared to the  company's sports betting profits.

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