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Betting and Gaming Council Warn Further Tax Increases Will Hit Customers, Prevent Growth, Cost Jobs and Bolster Black Market Gambling

Published

1 month ago

October 25, 2024

Reading Time: 3 minutes

STANDARDS body the Betting and Gaming Council have warned further tax rises threaten to bolster the illegal gambling black market while undermining the regulated sector’s significant economic contributions.

Ahead of the Budget, new figures compiled by leading consultants EY confirm BGC members generate £6.8bn for the economy in Gross Value Added, raise a further £4bn in tax to the Treasury, while supporting 109,000 jobs.

The regulated betting and gaming sector supports the UK’s hard-pressed high streets through bookmakers, provides a vital pillar to the leisure and tourism sector through casinos, and a growing number of high value jobs in bases like Stoke, Leeds, Sunderland, Warrington, Nottingham and Newcastle Under Lyme.

They also pour millions into sports including horseracing, rugby league, football, snooker, darts and boxing.

But tax increases, combined with the impacts of last year’s White Paper on gambling reform, and the threat of the growing unsafe, unregulated gambling black market, could undermine that continued investment while threatening growth and jobs.

According to previous Government figures, the White Paper measures, many of which the BGC called for to raise standards, will cost the sector around £1bn.

While comparable markets in Europe which have increased taxes on regulated operators, have seen an immediate rise in black market gambling, which pays zero tax, does not contribute to sport and makes no effort on player protection, leading these markets to also have higher rates of problem gambling.

A recent study commissioned by the BGC found 1.5m Brits are annually staking up to £4.3bn on the illegal, unregulated gambling black market.

Meanwhile, the current economic headwinds – which are set to continue – have also hit customer’s pockets hard, including their financial freedom to spend on hobbies like betting.

BGC CEO Grainne Hurst said: “Our sector is at a crossroads as we seek to implement the measures contained in the White Paper and deliver a new era of stability and growth so we can continue making significant economic contributions to the country.

“After so many years of uncertainty, this sector needs stability to deliver sustainable investment, not further change which threatens to undo that contribution.

“Any new taxes now, at any scale, at this critical juncture risks undermining that good work while giving a leg-up to the lurking menace of the black market, which is ready to hoover up disaffected customers sensitive to any degrading of the offer they get in the regulated sector.

“Customers have been hit hard for years, with extreme pressure on the cash they have left in their pockets, once bills and taxes are paid, to enjoy their hobbies including having a flutter. We don’t want to see the pressure on working people ramped up.

“Regulated betting and gaming remains a hugely popular pastime in this country, enjoyed safely by the overwhelming majority, while our members are a Great British export and genuine global leaders, delivering enormous economic good in city centers, on high streets and in the growing online sector. That investment positively impacts other sectors too, with BGC members pouring millions into Britain’s world leading sports.

“We want to partner with Government to see the right, proportionate regulations, and a stable tax regime, which doesn’t hit customers, doesn’t raise the attraction of illegal operators, won’t risk jobs, but instead delivers on the Government’s new growth agenda.”

The White Paper – billed as a “once in a generation” moment for reform – announced measures including an Ombudsman to improve consumer redress, new online stake limits, modest casino modernisation plans and a new levy to fund Research Prevention and Treatment (RPT) services to tackle problem gambling and gambling related harm.

BGC members voluntarily donated over £170m to this work over the last four years – supporting a mature network of independent charity providers – including £50m last year alone.

The new statutory RPT Levy is expected to raise £100m a year when introduced.

BGC members also contribute around £100m a year to the Horserace Betting Levy to improve breeding, advance veterinary science in the sport and contribute to the wider improvement of horseracing.

The new research by EY also tracked trends in the sector, confirming Gross Gambling Yield from online betting and gaming has remained steady, while marking the significant pressures facing land-based bookmakers and casinos.

The number of casinos has fallen in recent years, from 156 in 2019 to 117 now, including the loss of five high-end casinos.

There are also currently 5870 bookmakers in the UK, with 2485 closures since 2019, a 28% reduction, prompted by regulatory changes and the lingering effects of the Covid pandemic.

The BGC has previously called on Government to introduce the modest but mission critical modernisation plans needed for the land-based sector to compete and offer the experience their customers expect.

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Affiliate Industry

N1 Partners X-Mas Giveaway: The Ultimate Reward for High-Achieving Affiliates!

Published

10 hours ago

December 3, 2024

George Miller

Reading Time: < 1 minute

N1 Partners is bringing excitement this holiday season with the X-Mas Giveaway! High-achieving affiliates can get rewarded with exclusive prizes, including a dream trip to the Maldives, premium gifts, and more. Join the giveaway and celebrate your success with us!

This December, N1 Partners is launching the X-Mas Giveaway to reward our valued partners. This giveaway offers prizes for our high-achieving partners.

From December 1 to December 31, all registered partners who generate 50+ FTDs within December enter the draw to win one of five AirPods Max. But that’s not all—participants with the top three deposit sums get rewarded with premium prizes:

1st Place: A luxurious trip for two to the Maldives
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“At N1 Partners, we are always striving to surprise and delight our affiliates. We don’t view each affiliate as just another account, but as a valued partner with whom we build long-lasting business relationships. Promotions like these give our partners the opportunity to see that firsthand and earn well-deserved rewards for their achievements.” — Alexa Bond, Head of Affiliates, N1 Partners

For full terms, visit our website. Winners will be announced in early January 2025.

This holiday season, let N1 Partners be your gateway to exciting rewards and opportunities!

About N1 Partners

N1 Partners is a company with expertise in online entertainment. Today, N1 Partners unites over ten high-converting online casinos, betting brands, and the N1 Partners affiliate program.

Latest News

GR8 Tech Announces Leadership Changes for 2025

Published

11 hours ago

December 3, 2024

George Miller

GR8 Tech Announces Leadership Changes for 2025

Reading Time: < 1 minute

GR8 Tech will see a leadership transition on January 1, 2025, as Oleksandr Feshchenko, currently the Deputy CEO and CRO, will take over as the new CEO. Sergey Ghazaryan, formerly the Head of the Casino Business Unit, takes over as the CRO from December 1 of the current year. In the meantime, Evgen Belousov will be stepping away from GR8 Tech.

During his two-year tenure, Evgen Belousov has established GR8 Tech as a trusted provider of high-performance iGaming solutions. Over the past year alone, GR8 Tech achieved remarkable growth, expanding its client base eightfold and significantly increasing revenue.

GR8 Tech’s solutions support over 25 newly launched clients and nearly 50 live operator brands. The company’s continued success stems from its unique strategy of providing tailored, geo-specific solutions that directly address market demands. Unlike other platforms that offer one-size-fits-all approaches, GR8 Tech focuses on customizing its features specifically to meet the needs of each region and client.

Reflecting on his time as CEO, Belousov shared: “Leading GR8 Tech has been nothing short of transformative. We’ve redefined what success looks like in our industry, achieving remarkable milestones in only two years’ time. We’ve laid down a strong foundation, and now, it’s time for a bold new chapter. With our high-performance platform and a vision to dominate as the world’s #1 sportsbook-driven solution, I’m confident the new leadership will amplify this momentum and take GR8 Tech to unprecedented heights.” As Belousov shifts to being an independent iGaming advisor, he plans to focus on the strategic development of B2B iGaming projects.

The leadership transition aligns with the company’s two-year anniversary in January 2025 – a milestone GR8 Tech plans to celebrate with exciting future announcements.

Asia

Revenant XSpark Partners With iQOO In Landmark Esports Deal

Published

12 hours ago

December 3, 2024

Adrienn Sarkany

Reading Time: 2 minutes

Revenant XSpark, one of India’s leading Esports organization is excited to announce a ground-breaking partnership with iQOO, the high-performance smartphone brand. Leveraging the growing appeal of Esports, Revenant XSparks & iQOO have partnered together, with iQOO securing the naming rights for India’s top-performing Battlegrounds Mobile India (BGMI) roster under the Revenant XSpark brand. The team will now compete under the name iQOO RNTX, marking a significant milestone in the evolution of Indian esports. This collaboration stands as one of the biggest deals in Indian Esports history.

A collaboration between Revenant Esports and Team XSpark; The vision & goal behind the creation of ‘Revenant XSpark’ was to redefine the Esports landscape in India and neighbouring regions.

Having been unveiled at the recent collaboration, Revenant XSpark’s (BGMI) roster competes across regional and international competitions. With an unmatched track record of securing two back-to-back titles at major Krafton events, the team is led by coach Osmium as one of the premier teams in the country. Dominating competition across the board, the team of Sarang (Sarangajyoti Deka), Spraygod (Harsh Malik), Joker (Khush Singh), and Shadow (Tenzin Kelsang), have been able to carve a name for themselves in the Esports landscape as a force to be reckoned with in both global and local platforms.

Champions at the BGMI Pro Series and BGMI India Series, the team already has a firm foothold in the India market and is aiming to build and expand its narrative globally. Alongside iQOO’s innovation driven mindset, the collaboration will leverage expertise from both sides for mutual beneficial outcomes.

Rohit Jagasia, Founder and CEO of Revenant Esports, said, “We’re incredibly proud to announce our groundbreaking partnership with iQOO. This is a monumental moment for Indian Esports – marking one of the largest deals in the industry. iQOO’s commitment to innovation aligns perfectly with our vision at Revenant XSpark. By joining forces, we’re creating a powerful synergy that will elevate the Indian Esports scene to new heights. Together, we aim to redefine the landscape of competitive gaming and inspire the next generation of gamers.”

Nipun Marya, CEO, iQOO said, “We’re thrilled to be part of this moment in Indian esports. Partnering with Revenant XSpark goes beyond supporting an exceptional team it’s an investment in the future of competitive gaming. Together, we aim to inspire the next generation of gamers, drive meaningful innovation, and shape the future of esports in India. This collaboration is a step towards achieving long-term synergies that align with our broader vision to elevate the gaming experience.”