The Betting and Gaming Council called for a “pro business budget” that would allow this industry to “contribute more” to the UK’s economy.
Jeremy Hunt will deliver the budget to the Chancellor of Exchequer tomorrow (Wednesday, March 15th). This budget delivery comes at a crucial time in the region’s sporting calendar, as Cheltenham Festival fans flood into the area.
The BGC has vowed that it will fulfill the government’s economic plan of Enterprise, Education, Employment and Everywhere’, but has also warned against any measures that could threaten growth, jeopardize jobs, or compromise the customer experience.
Michael dugher is the CEO of the Betting and Gaming Council. He stated: “The regulated sector already plays a significant role in the UK’s economy, and we are eager to go further and make even more contributions.”
“But to achieve this ambition, we need a probusiness budget, no tax increases, and a balanced gambling paper that protects vulnerable customers while not compromising the experience of those who gamble safely.
“Our industry includes British tech companies that are world-leading, and businesses that support high street retail as well as those involved in the tourism, hospitality, and leisure sectors.
Ministers must protect investment and jobs in this difficult time. We are looking for big changes to strengthen safer gambling. However, new taxes and draconian regulations could put businesses at serious risk.
Cheltenham Festival will attract around 274,000 people, which will generate an estimated PS274m to the local economy. It is also expected that approximately PS1bn in stakes will be placed across four days worth of racing.
The BGC warned, however, that these experiences could be put at risk by any proposed tax increases or reforms to betting laws. This white paper is expected to be released in the coming weeks.
It said that this follows a series of “major economic losses” that includes a slower than anticipated recovery from the global pandemic, effects sparked in part by Russia’s illegal invasion Ukraine, rising energy costs and overdue reforms of business rates.
Dugher said, “We must see long overdue improvements to help land-based casinos in particular their recovery.”
“And we must stop the intrusive, blanket, low-level ‘affordability controls’ that are called for by anti-gambling lobby. These only serve to drive customers online to an unsafe, unregulated black marketplace where there is no safer gambling protections and not a penny in tax to government.”
