Deloitte Reports UK Betting Worth 6 Billion
28th January, 2010
Deloitte, this week, has compiled a report using government and company sources and has found that the British betting industry is worth £6bn and employs more than 100,000 people according to a report found on eGaming Review.
The findings show that the betting industry is worth the equivalent of 0.5% of the UK’s GDP and 0.3% of the UK’s employment figures. The study, titled ‘The Full Picture’ was commissioned by Ladbrokes to highlight the importance of the industry to the UK economy.
The study showed that the retail betting industry alone generates £700m in taxes per year in addition to £700m in wages paid to staff and £800m in profit before interest and tax.
The findings of this study will be used by Ladbrokes to lobby the government for a more forgiving tax regime for UK-based bookmakers.
Ladbrokes chief executive Christopher Bell said: “This report comes at a crucial time for the industry and will help inform the Government and stakeholders about the important contribution the industry makes to employment and taxation in these difficult economic times. We hope it will contribute towards more informed policy making and help remove much of the uncertainty that has surrounded the taxation and regulation of our industry in recent years.“
The report not just details the economic contribution betting makes to the UK in terms or both direct and indirect income but also socio-economic considerations. For example, betting provides a high number of jobs for workers that have few qualifications, in addition to employment in rural areas through its links with horseracing.
Deloitte lead betting and gaming consultant Simon Oaten said: “The betting industry makes a significant contribution to the British economy – but is subject to intense international competition. With internet and mobile betting growing the challenge for Government is to balance effective regulation with creating the conditions for the domestic industry to compete.”
By Tom
