Betting supports British economy

on .

A new report from financial advisory firm Deloitte has revealed that the betting industry in the United Kingdom is worth six billion pounds a year, which is equivalent to half a percent of the nation’s total gross domestic product.

Commissioned by British online and land-based betting giant Ladbrokes, The Full Picture report 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 £700 million in wages each year along with £800 million in profits while providing £700 million in tax.

"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."

"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.

Pin It