UK Shadow heritage Secretary Harriet Harman, whom last week outlined her plans for an additional levy on all forms of activities betting, online and off. (Image: theguardian.com)
The stock exchange had reacted badly to news that the UK Labour Party is planning a levy that is multimillion-pound all sports betting, online and off, should it be elected in 2015. Ladbrokes plc dropped 3.16 percent, while William Hill plc fell 2.88 percent immediately following the statement by Labour’s Shadow customs Secretary Harriet Harman final week. The levy shall be similar to that currently applied to horseracing betting, the revenue from which, some £82 million ($139.314 million) in 2014, is ploughed back in the horseracing industry.
More Cash, More Sports
The new scheme is part of Labour’s ‘More Sport for All’ incentive, that may see the extra income raised from sports betting going mainly to the growth of grassroots sports, with some going to the remedy for problem gambling. Harman also said the introduction is being considered by her of a ‘proper levy’ on income derived by the Premier League through the sale of soccer television rights, which are allocated to developing grassroots football.
‘we were all proud to host the Olympics and Paralympic Games in London two years ago but instead of seeing increased participation, things have got worse especially amongst young people as a total outcome of the us government axing School Sports Continue reading