How Gambling Benefits the UK Economy
Written by Julie
Published date · Sept. 2, 2021 | Last Updated · Dec. 14, 2022 | Read Time: 2 mins
The revenue in the online gambling industry is skyrocketing. Year after year, the numbers have been rising without any sign of stopping. In 2018, online gambling represented 38.8% of overall gambling revenues (£5.6 billion in total). It beat any other physical gambling businesses, including arcades, all land-based casinos, and even EuroMillions. Let’s look at the impact online gambling has had on the shaky UK economy in more detail.
It Aids Employment
The online gambling industry opened doors to 100,000 jobs. According to Statista, the majority of people are employed in betting shops. However, people have also gotten jobs in bingo halls, land-based casinos, arcades, IT, the lottery sector, and remote gaming. The gambling industry also supports remote working due to casino companies’ headquarters being based in Malta and Gibraltar. On average, Statista states that gambling companies employ only around 20 people, meaning there are hundreds of thousands of online gambling companies in the UK.
It Aids the Government
The online betting industry paid £2.83 billion intakes for the 2020-2021 tax year. Since the majority of people had to adhere to the government lockdown guidelines and stay at home, these numbers are incredibly favourable.
The 2018-2019 tax year saw numbers increase to £3.02 billion as more sporting events allowed bigger revenue. However, it appears that the gambling industry seamlessly moved things online and continue to bring significant revenue to the business.
It Sets a Good Example to the USA
The UK gambling industry is strictly regulated — and despite the regulations, it was able to bring a tremendous profit to the UK economy. These regulations ensure that any challenges gamblers face can be noticed early and provide necessary assistance.
The regulations control every aspect of online casinos, from how players can withdraw or deposit money to playtime limits and even slot gameplay. So it’s precisely why the UKGC removed the autoplay and quick spin features to give the players a break between each spin.
As online gambling is slowly being introduced in the United States, it’s important to note how the UK benefits from this industry. Alongside, the regulations ensure players are kept safe, and all dealings within each online casino are fair.