EY study shows betting and gaming’s contribution to UK economy29th March 2021 9:00 am GMT
Britain’s betting and gaming industry generated £4.5bn in tax revenue for the UK Treasury in 2019, according to a new study by EY.
The study by EY was commissioned by the Betting and Gaming Council and shows that the industry supported 119,000 jobs in 2019, including 61,000 people who were directly employed, with over half of this number made up of people under 35 years of age.
It also shows the geographic distribution of those jobs, of which a third are based in the North of England and Scotland, with Leeds and Stoke highlighted as two examples of cities where the industry is vitally important.
“At a time of economic fears and huge pressures on public finances caused by the Covid-19 pandemic, the huge contribution betting and gaming makes to UK plc could not be more important,” said Michael Dugher, chief executive of the BGC. “This latest, authoritative report by EY sets out in black and white the vital role they play in helping to fund the public services upon which we all rely.”
“As the standards body representing the regulated industry, the BGC fully supports the Government’s Gambling Review plus the need for continued higher safer gambling standards and more change to regulation,” Dugher added. “However, it is vital that the Government get those changes right and does nothing to put at risk the futures jobs and tax take of a growing, world-leading British industry.”
The study has been released ahead of the close of the government’s gambling review on March 31, with ministers expected to produce a white paper on future regulation of the industry later in the year.
“From hospitality to high streets, the betting and gaming industry makes a huge contribution to the UK economy. Casinos in London alone contribute £120 million to the tourism sector, and look forward to being open once again,” said BGC chair Brigid Simmonds.
“The contribution made to the Treasury by the betting and gaming sector, its support for sport and the jobs they offer to young people, so many of them highly skilled, are absolutely vital, especially in these uncertain times.”