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The British bingo industry is facing a whammy of double taxation and the clear damage done by the smoking ban in the UK. Currently the offline bingo industry faces a 17.5 VAT tax coupled with a 15% Gross Profits tax for a total of 32.5%. No other form of gambling in the UK is subjected to such excessive taxation. Many bingo halls have shuttered their doors forever and many players have switched to internet bingo.

When the smoking ban was passed some studies suggested that internet bingo providers could see a 61% increase in players. The double whammy of the smoking ban and double taxation has wreaked havoc in the offline bingo industry. Recently the Scottish National Party has called for the end of the double taxation policies. Industry insiders call this “a real breakthrough.”

These policies have been extremely beneficial to the internet bingo industry; In fact the internet bingo industry in the UK is one of the few industries left that is actually adding job opportunities. One of the largest offline bingo providers in the UK, The Rank Group, has switched to internet bingo to remain profitable.

Despite pleas from the bingo industry, the British government remains unsympathetic to pleas from the bingo industry. Some industry experts predict that if the double taxation issue is not addressed in Parliament offline bingo games could very well become a thing of the past and only internet bingo would remain. Since many internet bingo providers are located offshore this could result in decreased bingo revenue for the government.

Despite the recession and dismal economic data the internet bingo industry in the UK is thriving. The closure of bingo halls has sent players online to play their favorite game. The closure of bingo halls in smaller towns has left many pensioners without a place to socialize. Many of these pensioners do not have the computer skills to give them access to internet bingo games.

For now the British government seems reluctant to take any action dealing with double taxation. This could very well destroy an industry that has been entrenched since the 1960’s. In the meantime internet bingo providers will be the beneficiaries of double taxation.

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Article Source:http://www.articlesbase.com/blogging-articles/double-taxation-killing-offline-bingo-in-uk-844880.html

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April 4th, 2009 | Category: Blogging | 1 Comment »
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