BGC Sounds Alarm on £100m Boxing Day Black Market Bets
Highlights
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The Betting and Gaming Council has confirmed that around £100m is potentially wagered on the black market in just 24 hours.
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The Office for Budget Responsibility (OBR) has acknowledged that a rise in gambling taxes can push consumers to seek illegal alternatives.
The reports released by the industry body on 26th December reveal that approximately £100m has been spent on illegal sites in a single day. The study from H2 Gambling Capital suggests that already billions of pounds in stakes annually are on the black market.
Though the final data for this year is not out yet, the council pointed out that Boxing Day is estimated to represent 1% of the total yearly betting turnover, proving the fact that in the last 24 hours, tens of millions of pounds could be acquired by unlicensed platforms.
Criminal operators can enjoy the cent profit they earn, without being bound to maintain regulatory standards, and also have no obligation to pay any tax.
These issues resurfaced after the recent fiscal changes announced in the UK’s Autumn Budget. The Office for Budget Responsibility (OBR) has reiterated that an increase in the gambling tax will cut down the expected revenue as it might provoke players to seek illegal alternatives.
To know more about this, Refer Here!
Though the final data for this year is not out yet, the council pointed out that Boxing Day is estimated to represent 1% of the total yearly betting turnover, proving the fact that in the last 24 hours, tens of millions of pounds could be acquired by unlicensed platforms.
Criminal operators can enjoy the cent profit they earn, without being bound to maintain regulatory standards, and also have no obligation to pay any tax.
These issues resurfaced after the recent fiscal changes announced in the UK’s Autumn Budget. The Office for Budget Responsibility (OBR) has reiterated that an increase in the gambling tax will cut down the expected revenue as it might provoke players to seek illegal alternatives.
To know more about this, Refer Here!
