The Betting and Gaming Council published an Ernst & Young survey, which found that members of the business standards organisation contributed £7.7 billion in total revenue added to the UK economy in 2019.
The findings come ahead of a massive overhaul of the region’s gaming rules, with the Gambling Act review’s request for proof set to end on March 31.
It has been proposed that the review would transform “analogue law in a digital age,” with a number of steps being discussed, including stake and spend caps, ads and promotional deals.
Boris Johnson’s election manifesto included a promise to review the Gambling Act, with ministers set to deliver a white paper on potential control of the sector later this year.
Michael Dugher, chief executive of the BGC said: “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.
“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.
“However, it is vital that the government get those changes right and does nothing to put at risk the future jobs and tax take of a growing, world-leading British industry.”
According to the EY survey, the BGC’s affiliates, which include betting shops, casinos, and internet, directly employed 61,000 people in 2019, with their supply chains generating another 58,000 employment.
Nearly one-fifth of those working in the sector (19 percent) are under the age of 25, with more than half (51 percent) under the age of 35. The north of England and Scotland account for 22,000 of the 61,000 direct workers, with London accounting for 15,000 of them.
Furthermore, EY discovered that BGC members paid £3.2 billion in tax to the Exchequer directly in 2019, accounting for 0.4 percent of all Treasury receipts. This increases to £4.5 billion as taxes paid across the supply chain are factored in.
According to the survey, 374 betting shops and six casinos have closed since the beginning of 2020, resulting in the loss of 5,000 jobs.
Chairman of the BGC, Brigid Simmonds said: “From hospitality to high streets, the betting and gaming industry makes a huge contribution to the UK economy. Casinos in London alone contribute £120m to the tourism sector, and look forward to being open once again.
“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.”