Rank Urges Treasury to Create Flat Gambling Tax

Submitted by Guest on

Written by :

Guest

Published on :

Rank today called for a radical overhaul of the taxation system for betting, suggesting that a flat 15% rate would make sense of a hotchpotch regime.

Seven different tax rules cover sports betting, bingo, casino games, card room games, amusement machines and the football pools.

The betting group's chief executive, Ian Burke, said: "The gaming and betting activities of UK consumers are subject to a patchwork quilt of taxation without any apparent logic or relationship to social policy.

"Some games are subject to a multiplicity of tax rates, depending on where and how they are played."

The highest taxes are paid by casinos, which have the best supervision and lowest levels of underage gambling, Burke noted. Offshore betting, a growing industry, pays zero tax.

Burke has been chief executive of the gaming group for four years this week. Today he was able to unveil annual results showing his turnaround is going well.

Revenue for 2009 is up 3.4% to £540 million, though profits slumped 3.8% to £58 million due to higher taxes. Rank resumed dividend payments of 1.35p after a two-year gap.

Burke said: "There is a sense of momentum in our business."

Debts have been cut by £40 million to £187 million.

Source:  This Is London

 

Related Content

LeBron James’ Next Team Speculation is Driving Huge Action at Prediction Markets

LeBron James’ Next Team Speculation is Driving Huge Action at Prediction Markets

LeBron James Next Team betting markets have so far generated over $200 million just on Kalshi.
Trial Continues for One Time Exec of Malta's BestPlay Gaming Ltd Charged With Complicity in Journalist Assassination

Trial Continues for One Time Exec Tied to Malta's BestPlay Gaming Ltd Charged With Complicity in Journalist Assassination

Businessman Yorgen Fenech who once had ties to Malta's BestPlay Gaming Ltd is on trial accused of complicity in journalist Daphne Caruana Galizia voluntary homicide and criminal association.
Can't Play With Kalshi From Washington State - WTF?

Can't Play With Kalshi From Washington State - WTF?

Judge John McHale of the King County Superior Court said the state showed "a likelihood of actual and substantial injury ​to Washington consumers from illegal gambling activities" if no injunction (against Kalshi) were issued.
Knoxville Tennessee is Getting a New Nonstop Flight to Las Vegas

Knoxville Tennessee is Getting a New Nonstop Flight to Las Vegas

Southwest Airlines has announced it will begin flying nonstop flights between Knoxville, Tennessee and Las Vegas, Nevada on Saturdays and Sundays, which will compliment Allegiant Airlines Monday and Friday nonstop flights.