Status Quo: UK Budget Leaves Gambling Taxes Untouched

The last couple of weeks in the gambling industry in the UK have been unsettled as everyone eagerly and excitedly awaited the budget on October 30. This event was given special attention as Chancellor Rachel Reeves had previously hinted at a possible tax increase plan of enormous proportions that would be aimed specifically at this industry.

However, in the end, the British gambling industry remained untouched after the UK budget announcement, and fears of a significant tax increase turned out to be groundless. This is the first budget presented by the Labour Party in a long time, and the main point was £40 billion in new taxes aimed primarily at the wealthiest earners.

It is worth noting that throughout October, strong influences of this topic on the industry were noticed. Leaders and heads of brands expressed strong concerns, stating that higher taxes would affect the entire economy as a whole and would cause the black markets to strengthen. Market reactions immediately followed – major gambling stocks like Entain and Flutter showed a sharp fall in the middle of the month. Now, the leaders are expressing their relief, and the stocks are immediately showing a steady growth to previous levels.

Although the budget has postponed any immediate tax increases, the government has shown its intentions to address this issue in the future. Their preliminary goal is to unify online and traditional channels under a single tax system. So changes may still happen in the near future.​