The Betting and Gaming Council (BGC), industry body for UK betting and gaming, is concerned about the rising cost of living. The Council contacted the British government, asking it to take action.
BGC Is Concerned about the Soaring Energy Prices
The BGC noted that the higher costs of energy have dramatically affected the hospitality sector. As a result, the latter has seen its operating costs skyrocket. This sparked concerns about the future of gambling venues across the country.
The ongoing crisis endangers thousands of shops across the United Kingdom. Right now, the European country has thousands of operating betting shops as well as 121 casinos. However, the rising energy expenses pose a danger to some of these venues. Some businesses expect prices to go up by a whopping 300%, while others have already seen energy costs double.
Gambling in Britain is a multi-billion industry that contributes a stellar $2.4 billion in taxes each year. Therefore, the potential shutdown of businesses will surely damage the British economy. Even worse, if shops end up closing, many people would lose their jobs.
Dugher: The Crisis May Have a Catastrophic Impact
Michael Dugher, chief executive officer of the Betting and Gaming Council, is cautious about the changing landscape. Because of that, he contacted the British government, asking it to provide some relief to the industry.
Dugher warned that the mounting energy prices can have a devastating effect on the local economy. High prices will decrease the industry’s tax contribution and also impact tourism and the hospitality sector as a whole.
The cost of simply doing business is rising at an exponential rate. If urgent action isn’t taken soon, continued energy price increases could have a catastrophic impact across the hospitality and leisure sector, including hitting our members.
Michael Dugher, CEO, BGC
Dugher called casinos “a vital pillar” of the hospitality and tourism sector. He noted that these businesses were just beginning to recover from the COVID-19 pandemic and are now faced with a new crisis.
The uncertainties in British politics also contribute to the uneasy situation. As of the time of this writing, Britain is yet to select its new leader. Right now, Rishi Sunak and Liz Truss are competing to succeed Boris Johnson who resigned as Britain’s PM several weeks ago.
Although both candidates have proposed tax cuts that will provide some relief, it would take a while before any of them can put these plans into motion. In addition, the turbulence in the political landscape has led to additional delays in the release of the notorious Gambling Act white paper.