Britain’s Betting and Gaming Council, the single industry body for UK betting and gaming, has expressed its support for the government’s new Growth Plan. According to the union, its members will gladly back the plan.
The UK Wants to Grow Its Gaming Industry
On September 23, Kwasi Kwarteng, Chancellor of the Exchequer, unveiled the British government’s Growth Plan. According to the reveal, the United Kingdom has planned a list of measures to boost the gaming industry’s growth and make it more competitive. This plan will further boost Britain’s already flourishing betting and gaming sector and help it provide more people with jobs and entertainment.
Currently, the UK gaming industry employs 119,000 people – a number some predict to grow by an extra 15,000 within the next five years. British gaming provides $8.36 billion (converted from pound sterling) to the overall economy and powers the Treasury with almost $4.9 billion a year.
According to estimates, 22.5 million adults in the country gamble each month. Some buy lottery tickets, some play bingo and others prefer to place wagers on sports. In addition, Britain has impressively low problem gambling rates, with estimates putting this number at 0.2%.
The BGC Supports the Plan
Michael Dugher, the chief executive of the Betting and Gaming Council, shed more light on how the union feels about the new plan. He stated that its members are cooperative and ready to support the initiative.
The Government has set out a bold plan to revive the economy. This can only be achieved by setting the right regulatory framework for businesses to thrive.Michael Dugher, CEO, BGC
He noted that the gambling industry is a core pillar of the British economy and pointed out that bookmakers, casinos and bingo shops nurture the tourism, hospitality and leisure sectors. Dugher also noted that the Levelling Up initiative will create more jobs. The agenda envisions the creation of over 8,500 jobs in notable gambling industry hubs outside of London.
Right now, these businesses are thriving. However, Dugher implies that a bad regulatory framework might throw this ecosystem off balance. Because of that, he asked the government to do everything in its power to finally release the notorious gambling white paper.
We believe the right regulatory reforms can help a thriving sector reach new heights, while delivering on the Government’s goal to improve player safety, a goal we share and are already working towards.Michael Dugher, CEO, BGC
Operators in the UK have been waiting for the reforms for a while now. While there might be a dissonance between the reforms demanded by pro-gambling and anti-gambling parties, almost everyone wants the white paper to be released at this point.