UK Bookmakers Ready to Increase Levy on Profits from 0.1 to 1%

The largest UK gambling companies have offered the government a substantial increase in the revenue paid to avoid a regulatory crackdown. These companies, including the likes of Bet 365, Coral Ladbrokes, Skybet and Bet-fair are offering to increase the levy on profits from 0.1 to 1% over the next five years. That would mean an estimated 120 million euros each year to the government coffers.

The open bribe comes after an initiative from the UK gambling commission, which recently stated they require more staff and funding to the tune of 70 million pounds. The commission is conducting an ongoing investigation on the way the industry handles problem gambling. The result is widespread action on online firms and senior management in the key firms.

The sentiments against gambling within the UK come from elements such as the gambling commission and the key political figures. They have reason to worry because the alcohol and tobacco industry went through the same regulations. The result was their depreciation within the market to the point they are not allowed sponsorship on media advertisement by recognised organisations. Gambling, on the other hand, is a different thing. Online platforms are still relatively new and so it is much easier to stifle the practice.