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Gambling Feeds the UK Economy, New Report Says

29 March 2021, 13:40
Votes: 1

According to the financial news got from the recent study conducted by Ernst & Young for the Betting and Gaming Council (BGC), the gambling industry in the United Kingdom has contributed much to the state coffers.

Gambling Feeds the UK Economy, New Report Says

The industry body confirmed that its participants had considerably supported the UK economy financially. The report follows the Government’s intention to reconsider the current gambling law.

Operators generated £7.7 billion for the UK economy in 2019

The BGC stated that gambling companies had given more than seven billion pounds (GVA) to Great Britain’s economy in 2019. This also resulted from the employment organized by this business, which provided jobs to more than sixty thousand country’s citizens. 

The report also revealed interesting financial figures. Companies that operate in the scope of the BCG’s authority contributed over three billion pounds as taxes to the royal treasury in 2019, which was 0.4% of its overall revenue. The BGC members are financially profitable for the UK horse racing sector as well. It gets approximately £350 million through sponsorship deals and betting taxes. The same situation is with the football vertical, which receives a minimum of £40 million from operators annually. The report plays the role of a hint for the Government not to overdo betting laws making them unfavorable for the business.

Read more: Simple ways to calculate gross gaming revenue

Read more: Are sports bets a safe hobby?

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