Money makes the world go around and a lot of it is spent on gambling. People enjoy betting on sports, playing slots & casino games online and poker all over the world. The UK market is special in many regards, while being one of the most important one in Europe. It has the most enthusiastic slots players who often play with popular regulated online slots and casino brands like FruityKing.co.uk — they spend large amounts playing their games of choice over the Internet. The authorities have long understood the importance of regulating gambling to tap into the immense financial potential.
An important source of revenue for the state
Over the years, there were many countries that tried to make online gambling illegal. Some chose to pass prohibitive legislation, while others enforced the bans aggressively. Past performance suggests that all these attempts are doomed to fail and the best way to tackle the problem is to legalize gambling. In the UK, there have always been gambling laws that created a secure and predictable environment. This benefited both players and the gambling operators providing them with betting services and casino games.
In the UK, the Gambling Commission is the regulatory body responsible for making sure that operators treat their customers fairly. There are plenty of regulations and provisions in place to make sure that no foul play can happen. At the same time, casinos, bookmakers and poker rooms are expected to pay a significant amount in the form of taxes. These amounts have followed an upward trajectory and they are projected to increase in the years to come.
Gambling is taxed differently in the UK
Any form of gambling will be taxed by the government, yet the numbers can differ quite significantly. Online casinos are the ones that pay the most, as 15% of their profits are being taxed. Lotteries are not that far behind and with 12%, they are still an important source of revenue for state coffers. Players like these games because they offer the promise of big winnings with a small investment. In anticipation of the biggest draws, a lot of money is being spent on lottery tickets, so the taxes are also considerable.
Sports betting is charged 15% and the lowest taxes are charged on financial spread bet. There are also levies on pool betting duty and remote gambling duty, so the state never misses out on this important source of revenue. 2017 was one of the best years, with £2.7 billion funding the budget from gambling alone. The UK Gambling Commission keeps track of all the important events for UK gambling fans. It is also consulted when any tax hikes are proposed and has an important word to say.