Summary
A group of UK MPs argues that the government should consider raising taxes on online betting games despite concerns from the gambling industry. The MPs believe increased taxes could address the harm caused by online gambling, while the industry warns of potential job losses and shop closures. The Chancellor is considering tax changes in the upcoming budget.
Key Facts
- UK MPs say the government should not be swayed by the gambling industry's warnings against potential tax increases.
- Chancellor Rachel Reeves is considering raising taxes on betting firms in the next budget.
- Online gambling makes up nearly half of the gambling industry's earnings.
- The gambling industry warns that higher taxes could lead to the closure of hundreds of betting shops and job losses.
- A Treasury committee report suggests taxing online betting more due to its potential harm.
- The Betting and Gaming Council argues that only a small percentage of adults are problem gamblers.
- The UK gambling industry pays several different taxes, including a 21% tax on online casino stakes and 15% duty on sports and horse racing bets.
- Some MPs have called for additional tax revenue to be used to support families with more than two children by lifting benefit restrictions.
