Online gambling companies in Britain may have a 15 percent tax rate imposed upon them soon, and many companies are panicking, as the change in legislation could cause the industry to struggle according to the Hinkley Times.
The media outlet reports that the online betting industry in the UK is the largest in Europe, and many companies such as William Hill and Ladbrokes base their operations in countries with a very low tax rate of 1 percent. However, should the legislation of the Department for Culture, Media and Sport pass, the British tax rate will affect businesses no matter where they base their operations.
Jesper Soegaard, founder of www.BettingExpert.com stated that if "the entire bottom end of the UK market disappear overnight, the effect on the online betting industry could be seismic," according to the news source. He added, "in the current economic climate, with the government desperately seeking to raise funds in every area available to them, it is unsurprising that an overhaul in gambling regulations is being discussed."
