Featured

UK Bingo Industry Under Threat from Taxes

UK Bingo Industry Under Threat from Taxes

The gambling industry in the UK is undergoing major changes as the government begins to impose new taxes on it. One of the hardest hit areas of the market is bingo; Chancellor of the Exchequer George Osborne has just imposed a 20% tax on slot games which is will lead to more bingo halls closing.

UK Bingo Industry Under Threat from Taxes

A new tax being imposed on slot machines could have a crippling effect on the UK’s bingo industry.

As many as 200 bingo halls have said they’re facing closure due to the new £9million-a-year tax imposed on them.

Since 2005 150 bingo halls have already closed and officials think that the new tax could ruin the future for 170 more clubs which make less than £70,000 a year.

Slot machines have been helping to keep bingo halls open, Miles Baron of the Bingo Association said that “the level of tax is critical to the survival of many clubs.”

The Bingo Association represents 400 of the UK’s 467 bingo halls and it is calling for a 15% “harmonised tax” rate, the same as online bingo and bookies.

In the last six years bingo profits in the UK have fallen from £250 million to £125 million and the number of players has also fallen.

Featured

Raised close to London’s financial district, Ben has always found the world of business and money fascinating. While completing a degree in business studies Ben started writing for his university newspaper and hasn’t stopped since. Over the last decade Ben has gathered a wealth of experience writing about business and the financial markets and he is pleased to be able to share it with you here.

More in Featured

Big Time Journey Slot Collects Winnings Throughout Time

Big Time Journey Slot Collects Winnings Throughout Time

Rachel PhilipsAugust 25, 2015
£2.1M National Lottery Results for Wednesday August 12

£2.1M National Lottery Results for Wednesday August 12

Gemma MarksAugust 25, 2015
Woman Wins £51K Lottery Payout Using Ex-Partner’s Numbers

Woman Wins £51K Lottery Payout Using Ex-Partner’s Numbers

Gemma MarksAugust 24, 2015
Great Britain Advises Against Travelling to Tunisia

Great Britain Advises Against Travelling to Tunisia

Gemma MarksAugust 1, 2015
British Energy Companies To Slash Consumer Rates

British Energy Companies To Slash Consumer Rates

Ben ThomasJanuary 13, 2015
Gambling Act Enforcement Delayed by a Month

Gambling Act Enforcement Delayed by a Month

Gemma MarksOctober 1, 2014
Ladbrokes Adverts Banned Based on Irresponsible Attitudes

Ladbrokes Adverts Banned Based on Irresponsible Attitudes

Ben ThomasSeptember 18, 2014
32Red To Migrate Go Wild Casino Customers Following Database Purchase

32Red To Migrate Go Wild Casino Customers Following Database Purchase

Ben ThomasSeptember 11, 2014
London Casinos Receive New Security Systems From Eyevis UK

London Casinos Receive New Security Systems From Eyevis UK

Rachel PhilipsSeptember 5, 2014