Betting shops play a significant role in supporting the UK economy, despite the continuing challenging conditions for the industry and all retailers.
£3.2 billion of UK GDP, 41,000 full-time-equivalent (FTE) jobs and nearly £1 billion taxes – about £400 million more than we make in profit – are currently provided by UK betting shops.
For every £1 of Gross Value Added (GVA) generated by betting shops, an additional £0.61 of GVA is generated in the wider economy through indirect and induced impacts. Between 87% (Wales) and 99% (London) of the economic benefits stay local too, helping to enrich local communities.
In total, the betting industry provides 55,000 full and part-time jobs, equating to nearly one in ten jobs in the leisure industry.
56% of those 55,000 jobs are filled by women making betting shops one of the most female-friendly industries in the UK. This is something the industry is rightly proud of.
What’s more, betting shops make a valuable and significant contribution to youth employment in the UK. The Centre for Economics and Business Research (CEBR) estimates that, in 2013, betting shops employ 14,000 young people aged 18-24. 25% therefore of betting shop employees are aged 18-24, compared to 8% of employees across the economy as a whole.
It’s not just the national economy betting shops make a difference to, local economies are also benefitting from your local bookie. Each year, betting shops pay more than £58 million in business rates.
Additionally, around £2 billion has already been invested in local economies through the opening and the ‘new style’ re-fitting of betting shops.