Sign up for news

HMRC Isn’t Satisfied with Revenue Generated by Gambling

6 May 2021, 12:02
Votes: 1

Her Majesty's Revenue and Customs confirmed not very positive financial news for the UK’s gambling industry.

HMRC Isn’t Satisfied with Revenue Generated by Gambling

According to the department responsible for tax collection, it didn’t expect such a low level of revenue generated by the market in 2020-2021.

Lockdowns are the major reason

The HMRC representatives say that lockdowns caused by the COVID-19 pandemic and the shutdown of land-based gambling venues have become the main reason for the financial situation in the market. They provided data stating that during the period of March 2020-April 2021, the department had got only £2.83 billion. This sum is by £182 million (six percent) less in comparison to 2019-2020’s figures.

HM Revenue & Customs also highlighted that the pandemic’s effect on the betting industry, the postponement or even cancellation of sports competitions, in particular, hadn’t hindered betting duties from growing by two percent (£604 million). The increase in online gambling duties didn’t become a surprise as many players switched to remote gaming during the lockdown. It led to a 25% rise in tax revenue (£885 million). The lottery has brought the biggest amount of taxes to the HMRC – £980 million, but it is only a one-percent increase in comparison to the previous year.

Read more: Gross and net gaming revenue in the gambling business

Read more: How much money do casinos generate?

natural8 natural8

No comments

Now read
5 Aug