BGC reveals betting’s “huge contribution” to UK economy

BGC reveals betting’s “huge contribution” to UK economy

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Posted by: AffPapa
Betting

The BGC (Betting and Gaming Council) has published a report surrounding the financial contribution which has been made by the gaming sector to the United Kingdom’s sports sector and the general economy of the country.

This report was conducted by Ernst & Young and underlined the fact that there was an amount of £40 million which as obtained by the EFL as well as its clubs from the sector, aside from the £10+ million to snooker and darts and over £2.5 million for rugby. Horse racing acquires upwards of £350 million in revenue through sponsorships, media rights and betting payments.

Moreover, the report comes at a time when the UKGC is progressing with the review it has been undertaking of the 2005 Gambling Act.

Some of the clubs in the Premier League gathered last week in order to go over the tournament’s association and relationship with the sports betting scene, despite the fact that its CEO, Richard Masters, had stated earlier that there should be a “rebalancing”, but that there should be no ban or prohibition on sponsorship of football clubs or any club.

Aside from that, the tournament’s Chairman, Rick Parry, sent a warning to the government in which he stated that the lower league football clubs were directly dealing with the setbacks that the COVID-19 pandemic brought on. Many concerns have been highlighted in the sports betting scene, where some people mentioned that the sector itself could end up losing around £60 million in media rights if there are tougher regulations imposed.

BGC Chief Executive, Michael Dugher, 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 gets those changes right and does nothing to put at risk the futures of jobs and tax take of a growing, world-leading British industry.”

Additionally, the UK economy seemingly acquired £7.7 billion in gross added value from the betting industry revenues throughout 2019. It has also been unveiled that during that year, the industry had approximately 61,000 employees, and an extra 58,000 job opportunities were brought about by the supply chain. The BGC members have also reportedly paid £3.2 billion in tax throughout 2019, which makes up for 0.4% of the Treasury’s revenues.

BGC Chairman Brigid Simmonds also noted:

“From hospitality to high streets, the betting and gaming industry makes a huge contribution to the UK economy. Casinos in London alone contribute £120 million 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.”

Through the coronavirus pandemic, just like most other industries, the gambling and betting scenes have both been hit hard financially, as the BGC reveals that over 374 betting shops and six casinos have been shut down since the start of 2020, meaning that approximately 5,000 people lost their jobs.