The UK gambling industry enjoys the unprecedented distinction of being the largest regulated gambling market in the world. The challenges and opportunities surrounding the UK market have attracted the attention of both UK operators and companies involved in offshore gambling. Till now, the UK-based operators have had to pay a 15% tax for their operations, while the overseas operators got away. That happy state of affairs for overseas operators has come to an end finally, according to the latest UK budget.
For the first time, overseas operators have been brought under the tax net. This means, those UK-based operators who off shored their gambling activities to elude home taxes, are also a part of the big picture. The geographical location of the operator no longer counts, as long as the gambling audience is based in the UK. The change has been in the offing for a long time as debates about fresh gambling laws have been in process for over a year. According to the government, it will bring in fresh revenues from every operator based anywhere in the world and catering to a UK audience.
Gambling is a booming industry in the UK, generating plenty of jobs and revenues while being subject to rules and regulations at the same time. This arrangement has worked quite well for the UK, with the government enforcing fresh rules and taxations in keeping with the changing market, from time to time. The moves all along have been meant to level the playing field for all parties. The latest move to include offshore gambling operators in the taxation plans also follows the same strategy. This move is expected to cause a huge churning in the UK gambling market as operators scramble to determine their next step forward. The amount of taxation for the offshore operators is yet to be decided