LONDON, UNITED KINGDOM--(Marketwire - March 15, 2013) - The UK government is believed to be thinking about cutting the tax on revenues from online gambling in an effort to convince more gambling firms to base their activities in the UK, JackpotCity can reveal. At present, the rate is set at 15%, but the government is rumoured to be thinking of cutting this to around 10% to bring it into line with other jurisdictions.
Like most developed countries in the aftermath of the financial crisis, Britain's economy is in the doldrums, and the government has a huge debt mountain to pay off. It is hoped that by encouraging more online gambling firms to base their operations in the UK, particularly those UK firms that have moved their operations abroad, they can boost tax revenue and create jobs.
It is easy to see why the government might be keen to make the UK more attractive to online gambling operators. At a time when most of Britain's traditional industries are struggling, the online gambling industry has been experiencing phenomenal growth. Between 2010 and 2011, the UK online gambling industry grew by a massive 32%, accounting for 15% of the domestic gambling market as a whole. This trend is expected to continue for the next few years, driven by the rising popularity of mobile and social gaming.
Mobile gaming, in particular, has seen phenomenal growth in recent years, and is now the fastest growing sector in the gambling market as a whole. This has been facilitated by rapid rises in the usage of smartphones such as Apple's iPhone and the Samsung Galaxy, and to a lesser extent the growing popularity of tablet computers such as Apple's iPad. The latest figures reveal that smartphone usage jumped 14.2% to 62.3% between 2011 and 2012, and that almost a fifth of UK residents own a tablet.
Both types of devices allow players to play online games at their convenience, doing away with the need to sit down at a computer or even visit a casino. A wide range of popular casino games including Blackjack, Roulette, Poker, and Craps are available to play at mobile optimised casino websites such as JackpotCity, or by downloading free apps to your handset.