Global Economic Impact of Gambling Tax Soars
09 August 2024 - 9:00AM
UK Regulatory
Global Economic Impact of Gambling Tax Soars
WATERFORD, Ireland, Aug. 09, 2024 (GLOBE NEWSWIRE) -- The
economic impact of gambling on national economies has been
astronomical from 2020 -2024, according to the latest Statista
research. The online gambling market alone is expected to generate
an impressive US$97.70 billion by the end of 2024, with an annual
growth rate of 6.46% projected to push the market volume to
US$133.60 billion by 2029.
Minimum Deposit Casinos (MDC) – a division of the OneTwenty
group – explored how governments were spending the gambling tax and
the impact of it.
“We looked at the top 5 revenue generating countries in online
gambling. It was evident that gambling tax is revolutionizing
national economies, fueling vital public services, and spearheading
major community and environmental projects. In fact, it has had a
profound and life-changing impact globally, showcasing how crucial
this revenue stream is for societal well-being and sustainable
development,” said Miranda Raaff, MDC Head of iGaming
Information.
Top 5 revenue-generating countries in online gambling 2024:
- United States: US$14.4 billion
contributed in direct gaming taxes to government in 2023. $750
million was earmarked for conservation work. The tax was also used
for upland management, invasive species removal, flooding and
sea-level rise resilience, and water maintenance needs.
- UK: Betting/gaming tax was £3.4
billion in 2023/2024. A significant portion funds the National
Health Service and improves healthcare facilities. Part of it used
in community projects, roads infrastructure, public transport, and
housing.
- Australia: Gambling operators
contributed AUS$5.8 billion to government in 2020. A big portion
funded public hospitals, medical services, and mental health
programs. It also supported public schools, universities, and
training programs. Infrastructure like roads, public transport, and
public housing also benefitted.
- Germany – €5.2 billion was
contributed in gambling tax for 2022. A huge portion funded public
hospitals, medical research, and mental health services. Some used
for unemployment benefits, housing assistance, and supporting
low-income families. It was also utilized for infrastructure,
arts/culture programs, and education.
- Canada – Canada receives around CA$9
billion yearly in gambling tax. A huge portion goes to healthcare,
social programs, public safety initiatives, environmental
protection, infrastructure and more.
About MDC
MDC, a division of the OneTwenty Group, is an iGaming resource
portal that reviews and recommends the most trusted and reliable
online casinos globally. MDC conducts thorough vetting of casinos,
focusing on security, gaming licenses, responsible gambling tools,
and fair gaming practices.
Contact:
miranda@onetwentygroup.com
A photo accompanying this announcement is available at
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