May 5, 2021
HM Revenue and Customs (HMRC) has announced that gambling revenue for the 2020/2021 financial year fell below expectations, largely due to the economic impact of national lockdowns.
Total tax receipts registered from April 2020 to March 2021 totalled £2.83 billion – a drop of £182 million or 6% when compared to 2019/2020 fiscal duties – attributed to COVID-19 lockdowns enforcing the closure of retail betting and gaming venues from March 2020 onwards.
HMRC also noted that the performance of the betting industry had been affected by ‘cancellation of several sporting events due to the coronavirus pandemic’.
Detailing the ‘provisional’ National Statistics on UK Gambling, HMRC outlined that Betting Duties accounted for total receipts of £604 million, up 2% on 2019/2020 results of £591 million – with 98.4% allocated from General Betting Duties covering remote and retail wagers.