UK Bookmakers Threatened with Mandatory New Levy

UK Bookmakers Threatened with Mandatory New Levy

UK Shadow heritage Secretary Harriet Harman, who the other day outlined her plans for an additional levy on all kinds of sports betting, online and off. (Image: theguardian.com)

The stock market had reacted poorly to news that the united kingdom Labour Party is planning a multimillion-pound levy on all sports betting, online and off, should it be elected in 2015. Ladbrokes plc dropped 3.16 percent, while William Hill plc fell 2.88 percent rigtht after the announcement by Labour’s Shadow society Secretary Harriet Harman week that is last. The levy shall be just like that currently applied to horseracing betting, the revenue from which, some £82 million ($139.314 million) in 2014, is ploughed back in the horseracing industry.

More Cash, More Sports

The scheme that is new part of Labour’s ‘More Sport for All’ incentive, that will see the extra income raised from sports betting going primarily to the development of grassroots recreations, with some going towards the treatment of problem gambling. Harman also said she is thinking about the introduction of a ‘proper levy’ on income derived by the Premier League through the sale of soccer television rights, which are going to be spent on developing grassroots soccer.

‘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 total result of the feContinue reading