DCMS Secretary of State plays down gambling tax hike rumors

One of arguably the hottest topics of the week has been the news that the government may be edging closer to raising the gambling tax on both land-based and remote gambling by double digits in the United Kingdom.

The DCMS signals that gambling tax fears may be overblown

The news, originally reported by The Guardian, a respected media publication, and later taken up by other publications, caused an uproar in the industry and elicited a strong response from trade groups which called the idea a "fantasy," and stakeholders who did not mince their words and said that a double-digit increase of the tax levy was "nothing short of stupid."

Flutter Entertainment CEO Peter Jackson was among the people to say that there is no way this ends well for the industry, and company shares sunk on the original news.

Now, though, the Department of Culture, Media, and Sport (DCMS) Secretary of State Lisa Nandy has said that the government remains, as it ever has, to a thriving gambling industry, and that you could not believe everything "you read in the papers."

Nandy was taking questions in the House of Commons during which she argued that the DCMS and any people working on reforming the current gambling framework were aware of the value of the gambling industry and attempts to change regulation were based around striking "the right balance."

"We’re aware of the value of this industry and the importance of it, not just to the UK economy, but to the joy that it brings to many, many people, and the employment prospects that it offers to people in every nation and region of the United Kingdom," Nandy said.

Gambling is important, but so is addressing the problems it causes

However, she did not miss to mention that gambling was similarly tied to a variety of problems. This is why the current government was determined to work with a wide range of experts to ensure that people are protected from excessive gambling, but similarly – ensure that the industry can continue to grow.

Nandy’s recent statement does not rule out an increase in taxation, but it similarly boosts confidence among industry bigwigs that the rumored double-digit increase could be speculation. Still, The Guardian sources had suggested that there is no significant opposition, and the public only seems too happy to see the gambling industry bear the brunt in any solution designed to prop up the public purse.

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