Flutter CEO Peter Jackson is fully behind The Sun's 'Save Our Bets' campaign as the newspaper sponsors a race at Cheltenham on Friday to raise awareness.
The Listed Sun's "Save Our Bets" Novices' Chase at 2.20 has been named to highlight the potential betting tax raid in Chancellor Rachel Reeves' Autumn Budget on November 26.
Reeves is considering proposals to increase the tax bookmakers pay on online sports betting profits from 15% to 25% while online gaming could take a bigger hit.
Jackson said: "Reeves is facing growing calls to hit bookmakers with big tax increases. Many of these calls have come from campaign groups who have dominated the media.
"It’s for that reason that The Sun’s 'Save Our Bets' campaign has been great to see – because it’s given a voice to the customer.
"It’s not scaremongering to warn about the realities of what will happen if gambling taxes rise by as much as 138 per cent.
"At Flutter, we own brilliant brands like Paddy Power and Sky Bet and we’re No1 in the US with FanDuel. We will cope better than most.
"Yet if the Government bows to demands to take up to £3billion from gambling, there will obviously be a significant industry impact.
"Ultimately, it will threaten investment and hit customers who enjoy having a bet or a game of online bingo.
"This impact will be felt across the board – even if the Government solely focuses on a sharp rise in one area, such as gaming duty.
"And it will trigger an unprecedented shift to the illegal black market, where there is no investment whatsoever in player protection. Illegal sites have no verification checks for under-18s, as the 'Save Our Bets' campaign has shown.
"The Gambling Commission admits people are already going on to illegal sites to find better odds or avoid restrictions.
"In the Netherlands, the black market has now overtaken the legal market in size. In France, an estimated 5 million play on illegal sites, compared to 3 million with regulated operators.
"It’s a real and credible threat – and it means less tax for the Treasury.
"We are still implementing the many workstreams from the Gambling Act Review from two years ago.
"We are investing record amounts – more than £100 million globally last year alone – into safer gambling, research, education and treatment.
"People say that those demanding higher taxes from gambling are thinking in headlines – and not thinking it through. I’d agree. And I would urge the Chancellor to think again."
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We are committed in our support of safer gambling. Recommended bets are advised to over-18s and we strongly encourage readers to wager only what they can afford to lose.
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