Online Casinos operating from the UK depends on taxation.
The future of online casinos operating from the UK will have a high dependence on the taxation decisions made by the British Treasury, as claimed by the Chairman of the British Gambling Commission, Peter Dean. Speaking to the Financial Times, Dean suggested that setting a favourable rate of taxation will be crucial to entice offshore-based operators back in to the UK, thereby stimulating the growth of the businesses within Britain.
A large number of online casinos have currently based themselves in Gibraltar or the Caribbean, but since the British Gambling Act of 2005, the UK has been keen to bring lost business back to its shores.
Dean told the Financial Times, “The tax rate must support the new Gambling Act. If foreign online casinos are deterred from entering the UK, many casino fans will be forced to play at sites outside the government’s regulation. The responsibility to ensure safe and secure gambling at online casinos for British casino players lies with the Treasury and the government’s Department of Culture, Media and Sport.”