Lucky Nugget Explains What The Amendment to Gambling Act Means for Online Gamers
LONDON, March 7, 2013 /PRNewswire/ –
Greater taxation means smaller rewards but what are the benefits? Lucky Nugget reveals
The UK online gambling market is about to go through some major changes, but Lucky
Nugget [http://www.luckynuggetcasino.com ] reveals there are both pros and cons for online
players. The Gambling Act of 2005 brought in a 15% online gambling tax on top of a 23%
corporation tax, which prompted many of the UK’s largest online gaming operators to move
to offshore tax havens such as Gibraltar, Malta and the Channel Islands.
The UK government hasn’t been too happy about this, as over the course of the past
seven years it has lost more than GBP2 billion in revenue. Now it is about to take action
in an attempt to encourage these online operators back into the UK. According to recent
reports, it is planning on cutting the gaming tax by a third down to 10%. However, it is
also introducing a new measure that stipulates that any gaming company offering services
in the UK must pay the UK gaming tax.
This tax means greater costs for online gaming companies, which, as Lucky Nugget
points out, be passed onto gamers in some way with lower rewards and jackpots that could
be reduced by up to 10%.
However, it’s not all bad news, says Lucky Nugget. Under the new laws, all online
gaming companies offering services in the UK will have to abide by UK laws and thus the
industry will become fairer, safer and better regulated.
So what does this mean for UK players? Basically, the illegal gaming outfits will be
eradicated. There will be less risk of fraud and money laundering sites and random number
generators will be checked and rechecked on a regular basis.
A fairer, safer playing field is good news for online gaming companies too. Despite
paying more in tax they are likely to benefit from an increase in gamer numbers as trust
in the industry will be bolstered, encouraging more people to play online.
SOURCE Lucky Nugget