by Ryan D. Jaeger
A comprehensive report detailing the economic contribution, as well as the
socio-economic considerations of the UK betting industry was published by
reputable auditors, Deloitte, this week.
The report showed that the UK betting industry is worth a staggering £6
billion.
Over one hundred thousand people are employed through this industry.
Even more impressive was the fact that the retail betting industry generated
over £700 million in taxes annually.
Ladbrokes, the leading UK bookie, will be asking the government to lower its
taxes for local bookies, as it claims that the current tax regime has forced a
number of sports book group - including itself - to leave for offshore
destinations.
"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," said the
Chief Executive of Ladbrokes, Christopher Bell.
"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," he added.
The report calls for a balance between effective regulation and the ability
for UK companies to compete fairly in a growing market.
The Deloitte report was commissioned by Ladbrokes after the company had
listened to "a lot of people in the corridors of power who have not realized the
scale of this industry."
