TODAYS BUDGET AND NEW TAXES
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Hi with todays budget announcement regarding taxing online gambling. Can someone confirm is it the profits the bookmakers make they will tax or the traders/gamblers profits or both?
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It seems horse racing won't be hit quite as hard, but only because the Horserace Betting Levy already exists:
A new rate of General Betting Duty will be introduced for general bets made remotely (for example online) from 1 April 2027. The remote rate of 25% will apply to all remote betting other than remote bets on UK horseracing which will remain unchanged, in line with land based betting, in recognition that operators contribute 10% towards the statutory Horserace Betting Levy, resulting in an existing de-facto 25% rate for bets on UK horse races
There will be indirect effects though - less sponsorship from bookies, less marketing, fewer bonuses etc.
Casinos are being hit the hardest:
The new duty rate of 40% will apply for accounting periods that begin on or after 1 April 2026 and will be chargeable on profits on remote gaming from that date onwards.
But don't worry, you can avoid remote betting by having a weekend away and betting at the venue instead. Then you just have to pay an extra 3p per mile for driving your EV there and a tourism tax on your Airbnb or hotel.
If you're lucky enough to get a win, make sure you immediately spend it and don't put it in your bank account, or you'll pay an extra 2% tax on any savings you have!
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@james-everard I believe it is on the gross profits of the bookmakers being raised from 15 to 25%. Speculation is that this will mostly be passed on to the punters somehow. I think it only applies from April 27 though.
