Gambling industry fuels UK tax revenues by £3.6bn a year amid ongoing concerns
THE UK’s gambling industry contributed over £3.6billion in tax last year.
That’s according to the Sunday Times Tax List, which also revealed the families of industry leaders bet365 and Betfred make up two of the top three biggest contributors to the country’s public finances.
Brothers Fred and Peter Done, whose empire began with a £25 bet on England to win the 1966 World Cup, have moved up to second place this year.
Betfred, who employ more than 8,000 people and have 1,300 shops across the UK, are behind hedge fund manager Sir Chris Hohn having paid a total of £273.4million in tax.
Just behind them in third position are Denise, John and Peter Coates, who founded bet365 in 2000.
The Coates family, who also own Stoke City football club, spearheaded the gambling industry’s online revolution and are estimated to have paid £265m in tax to the Treasury.
Of all the money contributed to the public finances identified across seven editions of the Sunday Times Tax List, individuals and families from the gambling world contributed the most of any sector – just under £3.7 billion.
And that figure is set to rise with gambling tax revenues forecast to increase by a third to £4.22billion annually by 2028-29, according to the Office for Budget Responsibility.
The Betting and Gaming Council, which represents 90 per cent of UK operators, estimates its members contribute £6.8billion annually to the economy while supporting 109,000 jobs.
Despite these contributions, questions persist about the hidden costs of gambling.
Dr Carolyn Downs of Lancaster University estimates there are around 460,000 problem gamblers in the UK, though this figure may be a significant underestimate.
Problem gambling places a substantial burden on public services, with research indicating an annual cost to the NHS of £468.3million and an additional £41million to the criminal justice system for related issues such as court cases and police callouts.
The Government is consulting on plans for a statutory levy on the gambling industry, which would require operators to contribute 1 per cent of their annual winnings — equating to approximately £100million to fund research, education, and treatment for gambling addiction.
Remember to gamble responsibly
A responsible gambler is someone who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
- Gamcare – www.gamcare.org.uk
- Gamble Aware – www.gambleaware.org
Find our detailed guide on responsible gambling practices here.
For help with a gambling problem, call the National Gambling Helpline on 0808 8020 133 or go to www.gamstop.co.uk