20th of February 2010 Author: Natalie Stephanopoulos
Betting industry worth GBP 6 billion a year, new Deloitte study commissioned by Ladbrokes shows.
The betting industry generates GBP 6 billion in the United Kingdom annually – half a percent of the nation’s total gross domestic product – according to a new study by professional business services provider Deloitte.
Commissioned by online and land betting group Ladbrokes, the ‘Full Picture’ survey found that the betting industry also provides over 100 000 direct and indirect jobs, which is 0.3 percent of the United Kingdom’s total employment.
Deloitte reported that the retail betting industry alone generates GBP 700 million in wages each year along with GBP 800 million in profits while providing GBP 700 million in tax.
In addition to quantifying the economic contribution of betting in terms of both direct and indirect impacts, the report also highlighted the wider impact of the industry in delivering other socio-economic policy objectives.
It showed that betting provides a relatively high number of jobs for workers with no qualifications, boosting employment opportunities and skills development, and has a regenerative impact due to the high levels of footfall.
“The betting industry makes a significant contribution to the British economy but is subject to intense international competition,” said Simon Oaten from Deloitte.
“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.”
Deloitte stated that 15 percent of horse racing’s annual income is derived from the betting industry, which helps to support employment in rural areas through links with the sport. The report also highlighted the positive impacts of betting on sports through marketing and direct sponsorships.
“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,” said Chris Bell, Chief Executive Officer for Ladbrokes.
“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.”
General Gambling News
8th of October 2009
3rd of March 2011
23rd of November 2014
22nd of November 2014
11th of October 2014
7th of November 2014
9th of October 2014
3rd of October 2014
28th of October 2014
Disclaimer Contact Us Privacy Gambling Help About Us Site Map
LatestCasinoBonuses.com © 2006-2014
Join now for full access to our online casino forum/chat plus receive our newsletter with news & exclusive bonuses every month.
PLUS join now and get...
100% up to $1000 PLUS 25 free spins! Sponsored by ClubUSA Casino, US OK.
View more information here