Data presented by Safe Betting Sites indicates that the United Kingdom’s total betting and gaming receipts have hit £14.28 billion over the last five years. The figure represents a growth of 13.1%.
Growth of remote betting contributing to rising tax receipts
An overview of the last 20 years shows that the tax receipts stand at £37.54 billion. The is represents a growth of 100%
The 2019/20 recorded the highest tax receipts of all time at £3.02 billion. The figure was a growth of about 1% from the 2018/19 period, which registered £2.99. During the 2017/18 season, the tax receipts stood at £2.86 billion.
The 2016/17 period recorded £2.74 billion in tax receipts, while the 2015/16 season registered £2.67 billion. Over the last 20 years, the lowest tax receipts were at £1.29 billion during the 2002/03 period.
The rising tax receipts in recent years can be linked to several factors. According to the research report, “The UK betting and gaming sector has been growing in recent years, especially with the high penetration of smartphones that have led to a spike in remote betting. The government is now reaping significant revenue from online casinos and sports betting compared to previous years. If the trend continues, the revenue for both government and gaming companies will likely keep shifting upwards.”
The UK is among jurisdiction with advanced and reputable gaming and betting sectors, especially in terms of regulations.