Professional Gamer and betting expert Enoch Hood has shared his view on introducing a 10% tax on betting winnings in the country.
Taking to Twitter, Hood said some people may turn to unlicensed or offshore betting sites to avoid paying additional taxes and it can result in an increase in illegal sports betting activities.
In his tweet, Hood said, “As a Senior investor, I think one negative effect of implementing a 10% tax on sports betting could be that it may discourage some people from participating in sports betting altogether.
“The added cost of taxes could make it less appealing for some individuals to place bets, leading to a decrease in revenue for the industry.”
“Additionally, it could lead to an increase in illegal sports betting activities, as some individuals may turn to unregulated or offshore betting sites to avoid the added cost of taxes.
Finally, it’s possible that the tax revenue generated from sports betting may not necessarily be allocated towards public services or initiatives, which could further exacerbate the issue.”
Hood’s comments come after government’s introduction of a 10% tax on all betting, games of chance, and lottery winnings, as well as a 20% tax on the revenue of betting companies operating in the country.