Report says gambling adds £7.7 billion to UK economy
The UK gambling industry contributes about £7.7 billion ($10.6 billion USD) to the UK economy in 2019. That’s the conclusion from a recent report by the consulting firm of Ernst & Young. That £7.7 billion figure is the amount that gambling contributed to the UK’s gross domestic product, which is known as the gross value added (GVA).
There’s little doubt that the news of Ernst & Young’s report will be well-received in the gaming industry, since the the UK Betting and Gaming Council (BGC) is the outfit that commissioned the report in the first place. But trade groups are supposed to tout their industries and that’s exactly what this report does.
As a whole, regulated gambling is responsible for about 61,000 primary jobs and another 58,000 related jobs. Unfortunately, it’s likely that this number is somewhat lower today, as a result of pandemic-related job losses in the gambling industry.
Michael Dugher, Chief Executive of the BGC, commented on the report to SBC News saying, 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.”
Unfortunately, the gambling industry’s contributions to the UK economy in 2020 are projected to be somewhat lower and industry employment levels aren’t expected to reach 2019 levels until sometime in 2023.
Tags: UK Gambling News