Gambling a major boost to UK economy

Brits gambled £50 billion last year (that’s over $87M, to those of us in the States). The figure is equal to more than what the UK spent on defence and transport combined, and is seven times what Brits gambled in 2001.

What accounts for the spike? “The Government has helped to make gambling one of the country’s most lucrative businesses by relaxing the rules on betting and by promising to introduce more casinos.”

In 2001 the Government announced the biggest shake-up of gambling laws for more than 30 years, paving the way for Las Vegas-style casino resorts in holiday towns. Tight regulations imposed on gaming in the 1960s, prompted by concern about gangster involvement, were scrapped or significantly relaxed.

Researchers from Nottingham Trent University said the changes would “provide the Treasury with an estimated extra £3 billion a year in betting taxes,” and “economists have predicted that the growth in the number of casinos will provide more than 100,000 jobs.”

The UK currently has over 130 small casinos (such as Palm Beach Casino, Ritz Club, and several Stanley Casinos). It also has about 8,500 betting shops, for betting on horses, dogs, virtual roulette wheels and one-armed bandits.

As of right now, 27 groups are bidding for the right to open the UK’s first super-casino.