A BILLION pounds could be wiped off the betting sector because of the government’s gambling crackdown.
Landmark curbs will wipe up to 8 per cent off the £14billion-yielding industry, according to Whitehall estimates seen by the Sun.
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But the Treasury is set to enjoy a pay day as a fresh tax on operators will claw cash into their coffers.
We revealed yesterday ministers’ plans to tackle problem gambling with online stake limits of between £2 and £15 alongside sweeping reforms.
In a leaked letter to Cabinet colleagues, Culture Secretary Lucy Frazer admits her measures will trigger a projected decline in industry gross gambling yield of 3 – 8 per cent.”
She says this alone will reduce the tax take by £139million but this will be “substantially offset” by the money saved in combating addiction.
And the top Tory hopes people will blow their wages on other things that “produce more jobs and tax revenue” than gambling.
She says: “From a fiscal perspective, we believe the overall package is cost neutral or positive for government.”
But she said new requirements for gambling machines will make them more energy efficient so owners can save on bills.
