With pressure mounting on gambling firms to step up and take more responsibility for problem gamblers, Five of the largest UK gambling firms have agreed to up there tax levy from 0.1% up to 1% over the next five years.
‘Bribe’
William Hill, GVC, Bet365, Sky Bet and Paddy Power who own Flutter Entertainment have all agreed with the government to up the voluntary tax levy in a bid to help support problem gamblers. The bid has come under fire from critics calling it a ‘Bribe’ to ward off any more tough regulations brought about by the government.Critics said the increase in Levy will not be enough to cover the growth in problem gambling, saying some operators would be simply getting away with paying and are now calling for Government and regulatory assistance in making the tax mandatory.The total yield over the next five years from these five firms would raise £60M, based on analysis brought about by the Guardian.All five firms are in agreement to lay out a plan by the end of the year to help with the treatment of young and vulnerable gamblers with the aim to protect them from gambling related harm.
Step Up With Social Responsibility
Culture Secretary Jeremy White said,“ I want the gambling industry to step up on social responsibility and keep their players safe, including through making more funding available for research, education and now recognise they need to do more.”However, Sports Minister Mims Davis fought off criticism earlier this year by saying she didn’t think a mandatory tax levy was necessary.The five companies are still in talks over the new levy, set to be finalised over a five-year period. At the moment there are no plans to make the levy mandatory and no negotiations with other firms at this time.