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UK Government Proposes Unified Remote Gambling Tax in Taxation Overhaul

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In a pivotal moment for the UK’s online gambling landscape, the Chancellor of the Exchequer has unveiled a game-changing plan in the Autumn Statement. Brace yourself for a seismic shift as the UK government sets its sights on a complete overhaul of the existing taxation framework for online gambling. Get ready to delve into the details of the proposal that could revolutionize how remote gambling is taxed, promising simplicity where complexity once reigned.

The UK government is embarking on a bold journey towards modernizing its approach to taxing online gambling, and the proposed changes could reshape the industry. In a significant announcement during the Autumn Statement, Chancellor Jeremy Hunt declared that a consultation would soon commence to explore the implementation of a single unified remote gambling tax.

This ambitious plan aims to replace the current convoluted taxation system, which includes three distinct taxes: remote gaming duty, general betting duty, and pool betting duty. The anticipated overhaul would apply to all forms of gambling offered through digital platforms, encompassing internet-based betting, telephone betting, and gambling via TV and radio broadcasts.

At present, remote gaming duty stands at a rate of 21% of remote gaming profits, while general betting duty and pool betting duty are both levied at 15% of net stake receipts and pool betting receipts, respectively. It’s worth noting that there are no proposed alterations to the taxation methods for land-based gambling establishments.

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This announcement coincides with ongoing discussions between the government and the Gambling Commission regarding the proposals outlined in the government’s Gambling White Paper. In a proactive move, the Gambling Commission has revealed plans to initiate seven new consultations to delve into various aspects of the gambling industry. Tim Miller, the Gambling Commission’s Executive Director for Policy Development, shed light on the forthcoming consultations.

The upcoming consultations will cover a wide spectrum of topics, including “socially responsible incentives, customer-led tools, transparency of customer fund protection, annual financial contributions to research, prevention, and treatment, regulatory data reporting, financial penalties, and financial key event reporting.” These consultations are expected to span until February or March, ensuring a thorough and comprehensive examination of key industry aspects.

The proposed unified remote gambling tax represents a significant shift in the taxation landscape for online gambling in the UK. As the government and industry stakeholders embark on this journey of reform and consultation, the future of online gambling taxation in the UK hangs in the balance, promising a simpler and more streamlined approach.

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Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.

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SOFTSWISS Jackpot Aggregator Sees 2.6x Surge in Bets: 2023 Report

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In a dynamic year for the iGaming industry, the SOFTSWISS Jackpot Aggregator has released its 2023 report, offering insights into significant trends and achievements.

Notably, the report reveals a staggering 2.6 times increase in bets participating in jackpots, shedding light on the growing appeal of these mechanics among operators and players alike.

A Year of Remarkable Growth

Throughout 2023, bets participating in jackpots experienced consistent quarterly growth, witnessing a remarkable 165% increase from January to December. By the end of the year, the total value of these bets had surged to an impressive 6.396 billion euros. Moreover, the number of jackpot campaigns witnessed a substantial growth of 3.8 times compared to the previous year, totaling 230 campaigns.

Expanding Reach and Impact

One of the standout achievements of 2023 was the expansion of the Jackpot Aggregator’s footprint. The number of brands utilizing its jackpot solution tripled within the year, culminating in over 70 active brands by year-end. This surge in adoption reflects a heightened level of market trust and interest in the product.

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Introducing the Prime Jackpot Campaign

A significant milestone of 2023 was the introduction of the Prime Jackpot campaign, which debuted in Q4. This innovative feature garnered considerable attention and interest from players across various casinos. The Prime Jackpot campaign allows operators to participate in shared prize pools, ensuring that rewards are drawn from the collective pool rather than from a specific brand operator. This approach not only offers larger rewards to attract more players but also enhances player engagement and loyalty while optimizing operational costs for operators.

Insights from SOFTSWISS

Aliaksei Douhin, Head of SOFTSWISS Jackpot Aggregator, shared his insights into the year’s achievements. He emphasized the noticeable increase in clients and connected casino brands, as well as the growing volume and value of bets in jackpots. He expressed satisfaction in witnessing clients actively embracing the Jackpot Aggregator and recognizing the added value it brings to their brand operations. The solution empowers operators to provide players with enhanced gaming experiences and more enticing winnings. Client feedback is actively collected and analyzed to ensure clients have access to the most sought-after tools and mechanics.

Looking Ahead to 2024

In 2024, the SOFTSWISS Jackpot Aggregator is set to extend its reach to a wider spectrum of clients. This expansion will be guided by a customized approach, ensuring that each client can tailor the product’s capabilities to meet their specific requirements.

Meet SOFTSWISS at ICE London

The SOFTSWISS Jackpot Aggregator team will be present at ICE London from February 6th to 8th, 2024. They are ready to showcase their latest advancements and engage in discussions with existing and potential clients.

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About SOFTSWISS

SOFTSWISS is a renowned international iGaming company that offers certified software solutions for managing gambling operations. With a dedicated team of over 2000 employees spread across Malta, Poland, and Georgia, SOFTSWISS holds multiple gaming licenses and provides comprehensive iGaming software solutions. Their diverse product portfolio includes the Online Casino Platform, the Game Aggregator featuring thousands of casino games, the Affilka affiliate platform, the Sportsbook software, and the Jackpot Aggregator. In 2013, SOFTSWISS made history by introducing the world’s first Bitcoin-optimized online casino solution.

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