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added on 2010-03-03 04:21:52
A recent report revealed the Britain's betting industry worth £6 billion and it supports 100,000 jobs.
The study, called “The Full Picture”, notes the important economic impact that the betting industry had on the British economy and it was commissioned by the betting giant, Ladbrokes plc.
The betting industry is worth the equivalent of 0.5% of the UK's GDP and 0.3% of the UK's employment figures.
The retail betting industry generates £700m in taxes per year in addition to £700m in wages paid to the staff and £800m in profit before interest and tax.
The report provides a quantitative and qualitative analysis of the economic contribution of betting and it will be used by Ladbrokes to lobby the British government for a more forgiving tax regime for the UK-based bookmakers.
“The betting industry makes a significant contribution to the British economy - but is subject to intense international competition. 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,” said Simon Oaten, Betting and Gaming lead at Deloitte, commenting on the report.
The betting industry provides over 100,000 direct and indirect jobs for workers with no qualifications, covering 0.3 percent of the United Kingdom's total employment.
“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. 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,” said Christopher Bell, Ladbrokes chief executive.
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