Betting and lottery business-polices, taxes and benefits

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Betting and lottery business-polices, taxes and benefits

Kristiyan Ivanov

Букмекерський та лотерейний бізнес-політика, податки та переваги

Крістіан Іванов

Актуальність теми дослідження. Болгарський туризм робить значний внесок у економіку країни. У зв'язку з цим азартні ігри як потреба сучасної людини мають власне важливе місце в регіональному секторі туризму та розваг, як і в інших розвинених країнах. Справляння податків і зборів є для країн основним шляхом поповнення державного бюджету, і болгарський сектор азартних ігор не є винятком.

Постановка проблеми. Лотерея займає ключовий сегмент грального бізнесу. Створення та розвиток Національної лотереї було фінансово мотивованим. Уряд побачив шанс зібрати значні кошти до державної скарбниці та інвестувати їх у нові проекти. Однак державні гроші, що надходять із грального бізнесу, повинні спрямовуватися також і на благодійні потреби.

Аналіз останніх досліджень та публікацій. Більшість матеріалів та досліджень, що стосуються сектору лотерей та азартних ігор, було опубліковано в останні десятиліття науковцями з провідних країн. Дослідженню підлягали такі питання, як певні категорії, що стосуються інтересів соціальних структур, задіяних в секторі азартних ігор; деякі визначення, пов'язані з азартними іграми, їхніми елементами та мотивами. Деякі проблеми, ідеї та рішення обговорювались у низці доповідей та на наукових конференціях, що проводились різними установами та організаціями.

Постановка завдання, мети дослідження. Це дослідження має на меті коротко висвітлити та представити наукову перспективу щодо елементарної логіки, принципів та важливих фінансових причин генезису лотерейного бізнесу та розвитку букмекерського бізнесу.

Метод або методологія проведення дослідження. У цьому дослідженні використовуються дані та джерела, відібрані на основі різних методів та підходів, таких як спостереження, аналіз, синтез, систематизація та узагальнення інформації; професійні дослідження; вивчення об'єктів і цілей; аналіз тенденцій; статистичний аналіз різних баз даних; статистика та джерела даних.

Викладення основного матеріалу (результати роботи). В дослідженні послідовно порівнюється досвід та практика провідних європейських ринків лотерейного бізнесу із умовами, що склалися в Болгарії. Крім того, предметом аналізу є деякі економічні та фінансові проблеми, що постають перед сектором. У 2019 році валовий дохід загального європейського ринку азартних ігор (лише для країн ЄС- 27 та Великобританії) склав 98,6 млрд. євро, у т.ч. від онлайн-ігор - 24,5 млрд. євро. Частка ринку азартних ігор в Інтернеті стабільно зростає і, як очікується, до 2025 року в Європі вона досягне 33,6% валового доходу від азартних ігор. Державна компанія «Болгарська державна лотерея» («BSL») може стати набагато вигіднішим джерелом стійкого надходження фінансів. Компанія «BSL» підпадає під сферу компетенції «Міністерства молоді та спорту» («MYS»), тому має затверджений певний річний бюджет, а також значні витрати, включаючи державні податки та прямі внески до «MYS» на підтримку освіти та спорту. Дослідження показало, що щорічні трансфертні платежі «BSL» на потреби спорту та освіти «MYS» знизилися на 11,66% за період 2015-2019 рр. Протягом досліджуваного періоду оператор «BSL» пережив дуже важку ситуацію, конкуруючи з солідними гравцями на ринку, на якому деякі неоднозначні законодавчі обмеження створили умови для зниження ефективності та результативності державної лотереї, що призвело до появи певних ринкових переваг для приватних конкурентів. На підставі деяких додаткових розрахунків, зростання доходів приватних лотерейних компаній досягло найвищого рівня за останні роки.

Висновки відповідно до статті. Дохід від податку на азартні ігри та букмекерську діяльність разом із доходом від Національної лотереї, широко відомим як «безболісний податок» (через його добровільність), є величезним фінансовим ресурсом, що надходить до державних бюджетів від цих ефективно регульованих ринків. Відповідно до керівних принципів ОЕСР, регулювання конкурентного середовища не повинно надмірно дискримінувати державні підприємства порівняно з їхніми ринковими конкурентами. Проте в результаті «доопрацювання» законодавства у лютому 2020 р. ситуація в болгарському лотерейному бізнесі зазнала певних змін, що відбилося на монопольному становищі компанії «BSL» на ринку лотерейних та миттєвих лотерейних ігор.

Ключові слова: лотерея, азартні ігри, лотерейні податки, шанс, ставка, фінансовий аналіз азартних ігор, Комісія з азартних ігор Великобританії.

Betting and lottery business - polices, taxes and benefits

Kristiyan Ivanov

Relevance of research topic. Bulgarian tourism is a significant contributor to the country's economy. In this regard, the gambling as need of the modern man has its important place in the regional tourism and entertainment sector similar to other developed countries. Collecting taxes and fees is a fundamental way for countries to generate public revenues and Bulgarian gambling sector is not an exception.

Formulation of the problem. The lottery takes a key segment of the gambling sector. The National Lottery establishment and evolution has been financially motivated. The Government had seen the chance of collecting significant funds to the state treasury and investing them into new projects. However, government money comes from the gambling sector should be directed to good causes.

Analysis of recent research and publications. Most of the materials, publications and researches realted to the lottery and gambling sector have been written and published last decades by the leading countries scientific authors. Such issues as certain categories related to the interests of social entities involved in gambling; some definitions related to the gambling, its elements and motives are investigated. Some problems, ideas and solutions were discussed in few reports and scientific conferences handling by different institutions and organizations.

Setting the task, the purpose of the study. This study has its purpose to briefly highlight and present a scientific perspective of some basic logics, principles and significant financial reasons of the lottery business genesis and betting business evolution.

Method or methodology for conducting research. This study uses data and sources selected on the basis of various methods and approaches such as observation, analysis, synthesis, systematization and summarization of information; professional research; study of objects and goals; trend analysis; statistical analysis of various databases; statistics and data sources.

Presentation of the main material (results of work). This study will successively compare few leading European markets experience and practice to the Bulgarian market conditions. Furthermore, some economic and financial challenges facing the sector will be open-to-ponder subject. In 2019, the total European gambling market (EU-27 and UK markets only) was worth €98.6bn, with online gambling accounting for €24.5bn in gross gaming revenue. The market share of online gambling is growing steadily and is expected to reach 33.6% of Europe's gross gaming revenue by 2025. The state-owned company «Bulgarian State lottery» («BSL») could be much profitable wellspring of sustainable fresh finances. «BSL» company falls under the purview of the «Ministry of Youth and Sport» («MYS») therefore has an approved certain annual budget, but also much expenditures including state taxes and direct contribution to the «MYS» for support of education and sports. The research has shown that «BSL» sports and education annual transfer payments to the «MYS» are dropped with 11.66 % for the period of 2015-2019. During the researched period «BSL» operator has been survived on a very difficult situation competing with solid players on the market where some ambiguous legal restrictions created an opportunity to limit the efficiency and effectiveness of the state-owned lottery which led to certain market advantages for its private competitors. Based on some additional calculations, the private lottery companies' revenue growth reached its highest level in the last years.

Conclusions according to the article. The Gambling and betting tax revenue plus National Lottery revenue widely called a «painless tax» (because of its voluntary nature) flowing a tremendous financial resource to the state budgets of those well-regulated markets. According to the guidelines of the OECD, the regulations of a competitive environment must not unduly discriminate against state-owned enterprises compared to their market competitors. However, as a result of the February 2020 legislation «fine-tuning» the Bulgarian lottery industry picture got some changes with reflecting into monopoly market position of «BSL» company over lottery games and instant lottery games as well.

Key words: lottery, gambling, lottery taxes, chance, bet, gambling financial reflections, UK Gambling Commission

БУКМЕКЕРСКИЙ И ЛОТЕРЕЙНЫЙ БИЗНЕС - ПОЛИТИКА, НАЛОГИ И ПРЕИМУЩЕСТВА

Кристиан Иванов

Актуальность темы исследования. Болгарский туризм вносит значительный вклад в экономику страны. В связи с этим азартные игры как потребность современного человека имеют свое место в региональном секторе туризма и развлечений, как и в других развитых странах. Взимание налогов и сборов является для стран основным путем пополнения государственного бюджета, и болгарский сектор азартных игр не является исключением.

Постановка проблемы. Лотерея занимает ключевой сегмент игорного бизнеса. Создание и развитие Национальной лотереи было финансово мотивированным. Правительство увидело шанс собрать значительные средства в государственную казну и инвестировать их в новые проекты. Однако государственные деньги, поступающие из игорного бизнеса, должны направляться также и на благотворительные цели.

Анализ последних исследований и публикаций. Большинство материалов и исследований, касающихся сектора лотерей и азартных игр, было опубликовано в последние десятилетия учеными из ведущих стран. Исследованию подлежали такие вопросы, как определенные категории, касающиеся интересов социальных структур, задействованных в секторе азартных игр; некоторые определения, связанные с азартными играми, их элементами и мотивами. Некоторые проблемы, идеи и решения обсуждались в ряде докладов и на научных конференциях, проводимых различными учреждениями и организациями.

Постановка задачи, цели исследования. Данное исследование имеет целью кратко осветить и представить научную перспективу по вопросам элементарной логики, принципов и важных финансовых причин генезиса лотерейного бизнеса и развития букмекерского бизнеса.

Метод или методология проведения исследования. В исследовании используются данные и источники, отобранные на основе различных методов и подходов, таких как наблюдение, анализ, синтез, систематизация и обобщение информации; профессиональные исследования; изучение объектов и целей; анализ тенденций; статистический анализ различных баз данных; статистика и источники данных.

Изложение основного материала (результаты работы). В исследовании последовательно сравнивается опыт и практика ведущих европейских рынков лотерейного бизнеса с условиями, сложившимися в Болгарии. Кроме того, предметом анализа являются некоторые экономические и финансовые проблемы, стоящие перед сектором. В 2019 году валовый доход общего европейского рынка азартных игр (только для стран ЕС-27 и Великобритании) составил 98,6 млрд. евро, в т.ч. от онлайн-игр - 24,5 млрд. евро. Доля рынка азартных игр в Интернете стабильно растет и, как ожидается, к 2025 году в Европе она достигнет 33,6% валового дохода от азартных игр. Государственная компания «Болгарская государственная лотерея» («BSL») может стать гораздо более выгодным источником устойчивого поступления финансов. Компания «BSL» подпадает под сферу компетенции «Министерства молодежи и спорта» («MYS»), поэтому имеет утвержденный определенный годовой бюджет, а также значительные расходы, включая государственные налоги и прямые взносы в «MYS» на поддержку образования и спорта. Исследование показало, что ежегодные трансфертные платежи «BSL» на нужды спорта и образования «MYS» снизились на 11,66% за период 2015-2019 гг. В течение исследуемого периода оператор «BSL» пережил очень тяжелую ситуацию, конкурируя с солидными игроками на рынке, на котором некоторые неоднозначные законодательные ограничения создали условия для снижения эффективности и результативности государственной лотереи, что привело к появлению определенных рыночных преимуществ для частных конкурентов. На основании некоторых дополнительных расчетов, рост доходов частных лотерейных компаний достигло самого высокого уровня за последние годы.

Выводы в соответствии со статьей. Доход от налога на азартные игры и букмекерскую деятельность вместе с доходом от Национальной лотереи, широко известным как «безболезненный налог» (через его добровольность), является огромным финансовым ресурсом, поступающим в государственные бюджеты от этих эффективно регулируемых рынков. В соответствии с руководящими принципами ОЭСР, регулирования конкурентной среды не должно чрезмерно дискриминировать государственные предприятия по сравнению с их рыночными конкурентами. Однако в результате «доработки» законодательства в феврале 2020 г. ситуация в болгарском лотерейном бизнесе претерпела определенные изменения, что отразилось на монопольном положении компании «BSL» на рынке лотерейных и мгновенных лотерейных игр.

Ключевые слова: лотерея, азартные игры, лотерейные налоги, шанс, ставка, финансовый анализ азартных игр, Комиссия по азартным играм Великобритании.

Introduction

The lottery («lottery games» or «soft gambling») takes a key segment of the gambling sector. The engine of first phenomenon creation had been a natural human urge for profit, games and entertainment, but the reason totally different. The National Lottery establishment and evolution has been financially motivated. The Government had seen the chance of collecting significant funds to the state treasury and investing them into new projects. It is not a novelty that kind of less harmful (having low addiction rate) to the players and population gambling has given the opportunities to implement many remarkable projects as: «The Great Wall» of the Han Dynasty; Rome restoration during the reign of Emperor Augustine; the construction of «Ecole Militare» (French Military Academy) in the middle of 18th century; funding of many political and military projects (the first Italy lottery in the year 1449). Despite of the ancient practices, we must definitely remember that government money comes from the gambling sector should be directed to good causes as health, education, environment, charity, arts, culture, heritage, sport etc.

Analysis of the recent researches and publications

Most of the materials, publications and researches realted to the lottery and gambling sector have been written and published last decades by the leading countries scientific authors. Over the years they have understand and well measured the risk versus benefits to the society of gambling further developing.

Normally, the public and scientific interest in this sector was not very high, except for the discussions and studies provoked after the latest changes to the «Gambling Act» («GA») dating from the beginning of 2020.

Some problems, ideas and solutions were discussed in few reports and scientific conferences handling by different institutions and organizations including: «State Commission of Gambling» («SCG»); «Economic Research Institute» («ERI»); «Bulgarian Association for Entertainment and Gambling»; «Bulgarian Trade Association of Manufacturers and Operators in the Gaming Industry» (2007); «Institute for Market Economics»(2008). Prof. Velikov (2007) considers, analyzes and imposes certain categories related to the interests of social entities involved in gambling; some definitions related to the gambling (Shaffer, H., 2000/2002); (Borna, Sh., and Lowry, J., 1987); (Liebman. B., 2009), as to its elements (Clark. T., 1988), motives (Williams. R., 2017).

Methodology of the report

Bulgarian tourism is a significant contributor to the country's economy. In this regard, the gambling as need of the modern man has its important place in the regional tourism and entertainment sector similar to other developed countries.

The state benefits could come from several directions, but they are not limited to the indirect revenues accumulated on behalf of gambling as a subsidiary effect as a part of tourism.

The Government has its opportunity to collect the direct tax revenues to the treasury, but being part of the gambling sector as a shareholder or even a gambling operator is another much profitable option. All these opportunities are function predominantly of following some crucial rules and conditions like: gambling sector state strategy; clear and transparent regulations and laws; transparency and efficiency in the revenue collection from the various gambling sectors; hard accessibility to some people and territories; accurate and competitive overall tax burden; clearly described working policies and practices etc.

This study report uses data and sources selected on the basis of various methods and approaches such as observation, analysis, synthesis, systematization and summarization of information; professional research; study of objects and goals; trend analysis; statistical analysis of various databases; statistics and data sources of «National Statistical Institute», «Bulgarian National Audit Office» («BNAO»), Eurostat; data and official reports of some European Union countries including United Kingdom, but all sources are open and available to the general public and scientific community as well.

Material, data and sources

The Gambling and betting tax revenue plus National Lottery revenue widely called a «painless tax» (because of its voluntary nature) flowing a tremendous financial resource to the state budgets of those well-regulated markets. These way of financing could be used to support and speed up some state projects and government investments in the «caching up regions and countries» giving an additional force to the process of economic development effectively reflecting to their nations.

For the purpose of this study, I would like to share some public available figures. In 2019, the total European gambling market (EU-27 and UK markets only) was worth €98.6bn, with online gambling accounting for €24.5bn and landbased gambling accounting for €74.1bn in gross gaming revenue. In 2020, total gross gaming revenue is expected to drop by 23% to €75.9bn because of the impact of COVID-related closures on land-based gambling, while online gambling revenue is expected to increase by 7% to €26.3bn gross gaming revenue and grow steadily to reach €37.3bn.

The market share of online gambling is growing steadily and is expected to reach 33.6% of Europe's gross gaming revenue by 2025. Despite of the different betting market opportunities and platforms the gambling and lottery tax revenue is under the spotlight of this study as an important source of the total state revenue.

Usually, the lottery business (Traditional Lottery, Toto, Lotto and Instant tickets games etc.) covers a significant part of the overall gambling market. The lottery share depends on the particular state market structure; on the internal gambling sector profile; on the official state position and participation to the business; depends on the gambling sector competitiveness and conductive market environment.

The Gross Gambling Yield of the well regulated and high developed gambling industry market in Great Britain generated in total Ј14.3bn form Oct. 2018 to Sept. 2019.

The betting and gaming taxes amount of Ј3.019bn went to the UK treasury for the financial year 2000-2021. The lottery sector participated with 55% market shares hit the Gross Gambling Yield of Ј7.905 and contributed the UK budget with Ј948.6 mill. as a lottery duties in the end of March 2020.

On the order hand Italian Government collected an amount of €11.4bn from the lottery sector, but the Federal Ministry of Finance stand at €1.87bn during the period Oct. 2017 to sept 2018.

The different jurisdictions apply the individual method of taxation depending of the particular laws and regulations; taxation philosophy; volume, penetration, value and importance of the gambling sector. Considered and well settled tax implications fare applied to all sectors, subsectors, games and key players part of the gambling industry demonstrate a willingness of creating a calm and windless market environment in the sector.

I will overview and emphasize on the UK National Lottery still operated by the «Camelot UK Lotteries Limited»(«Camelot»).The «UK Gambling Commission»; «UK National Lottery» and the lottery operator reports are published and available already. As I mentioned above, the Gross Gambling Yield (total ticket sales) was Ј7.905bn in the year ending 31 March 2020, but the result exceeding the prior financial period with 9.7%. The current National Lottery operator «Camelot» officially retain just 1% of revenue in profit, while around 95% of total revenue goes back to winners and society, but only 4-5% of total revenue spent on operating costs in the financial year 2019-2020. The rest of the revenue around 94 % the lottery operator pay back to the public and good causes in described manners:

- 55% paid to players in prizes = Ј4.505bn

- 23% raised for National Lottery projects= Ј1.853bn

- 12% Government Lottery Duty = Ј948.6 mill

- 4% earned by retailers in commission = Ј307.1 mill

Decisions on how and where funding is invested are made by 12 specialist chosen for their knowledge and expertise to help ensure the money goes exactly where it's needed.

In the year ending 31 March 2020, the funds were shared as follows:

- 40% Health, education, environment and charitable causes

- 20% Sport

- 20% Arts

- 20% Heritage

Results and discussions

Collecting taxes and fees is a fundamental way for countries to generate public revenues and Bulgarian gambling sector is not an exception. On the one hand financial benefits comes as taxes, duties and fees on other the state-owned company «Bulgarian State lottery» («BSL») could be much profitable wellspring of sustainable fresh finances. «BSL» company falls under the purview of the «Ministry of Youth and Sport» («MYS») therefore has an approved certain annual budget, but also much expenditures including state taxes and direct contribution to the «MYS» for support of education and sports. Last three decades we have seen a wide variety of tax models and practice impose to the gambling sector starting with a regular license fee, proceed with an excise tax, than a corporate tax and comes to a two-component taxation. On top of all 2014 was a «tax-gift» financial year having a direct tax free implications to the private lottery games only. For the time being, «Government «Revenue Authority» taxed with administrative and service fees under the «Tariff for fees» some documents submission, official requests, certificates issuing etc..., pursuant to the last amendments of the «Bulgarian Gaming Act» («BGA») referred to in Article 30(1-3)).

In the course of this scientific research some financial discrepancies appeared when the «BSL» annual financial statements and the correspondent «MYS» reports were putted together. These «suspicious» financial discrepancies were published in the audit report of «BNAO» in 2020. But even we ignore that fact and take into account the «MYS» inflated report figures the final results undoubtedly indicate that «BST» sports and education annual transfer payments to the «MYS» (pursuant to the «BGA» referred to in Article 14(3)) are dropped with 11.66 % for the period of 2015-2019.

Table 1. Annual transfer payment under the «Bulgarian Gaming Act» as per Article 14(3)

source: «Ministry of Youth and Sport» - Annual Reports

Despite of the disclosed financial, moral and legal issues the basic logic of this paper remains the same. Although that uncompetitive market position of the «BSL» last years the state lottery could always be a solid government tool providing an extra financing.

The already mentioned «BNAO» report covering a financial year period (01.01.2017 - 31.12.2018) clearly defines that: «The «Bulgarian State Lottery» annually reports a negative financial results (losses) from 2014 to 2018 inclusive and there is a constant trend of company equity capital reduction continuing after the time of auditing».

The annual financial reports published by «BSL» and «Bulgarian State Commission of Gambling» («BSCG») show a constant decrease of EBIT financial indicator from 2014 to 2017 inclusive. During 2018 EBIT index increases with 8.98%, but it still remains under the rates of 2014, 2015 and 2016 financial years.

The deficiency of accurate information on the private lottery companies' annual revenue makes really hard the market structure analyze and the detailed assess of market competition. Nevertheless, based on some additional calculations, the private lottery companies' revenue growth reached its highest level in the last years.

We should not ignore the fact that during the researched period «BSL» operator has been survived on a very difficult market situation competing with solid market players. А market where some ambiguous legal restrictions created an opportunity to limit the efficiency and effectiveness of the state-owned lottery which led to certain market advantages for its private competitors. These questionable articles and paragraphs of the «Gaming Law» are still a significant subject of much public and political discussions.

Table 2. Financial highlights for the «Bulgarian State Lottery» 2014 - 2018 Inc.

source: «Annual Finance reports of Bulgarian State Lottery» 2014 - 2018 Inc.

Table 3. The volume of bets, taxes and duties as per «Bulgarian Gaming Act», Article 30(3-4) for the period of 2016 - 2018 Inc.

source: «Bulgarian State Commission of Gambling»

Conclusions

According to the guidelines of the «Organization for Economic Co-operation and Development» («OECD») the regulations of a competitive environment must not unduly discriminate against state-owned enterprises compared to their market competitors.

However, as a result of the February 2020 legislation «fine-tuning» the Bulgarian lottery industry picture got some changes with reflecting into monopoly market position of «BNL» company over lottery games and instant lottery games as well. These changes resulting to a significant expansion in «BSL» sales revenue thereafter, but it will be a subject of detailed future analysis.

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