UK Bookmakers Threatened with Mandatory New Levy

UK Bookmakers Threatened with Mandatory New Levy

British Shadow Culture Secretary Harriet Harman, whom a week ago outlined her plans for a supplementary levy on all types of sports betting, online and off. (Image: theguardian.com)

The stock exchange had reacted defectively to news that the UK Labour Party is planning for a levy that is multimillion-pound all sports betting, online and off, should it is elected in 2015. Ladbrokes plc dropped 3.16 percent, while William Hill plc fell 2.88 percent immediately following the statement by Labour’s Shadow Culture Secretary Harriet Harman last week. The levy shall be much like that currently applied to horseracing betting, the revenue from which, some £82 million ($139.314 million) in 2014, is ploughed back into the horseracing industry.

More Money, More Sports

The brand new scheme is part of Labour’s ‘More Sport for All’ incentive, that may begin to see the extra income raised from sports betting going primarily to the growth of grassroots recreations, with some going to your treatment of problem gambling. Harman also said the introduction is being considered by her of a ‘proper levy’ on revenue derived by the Premier League through the purchase of soccer television rights, which is going to be used on developing grassroots football.

‘we were all proud to host the Olympics and Paralympic Games in London two years ago but instead of seeing increased participation, things have got worse especially amongst young people as a tot Continue reading