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Edit: “Gross Gambling Yield (GGY) of British gambling industry (2021 to 2022): £14.1 billion” Which is simply revenue before costs not actual tax revenue it eve
by Retric 2y ago
Edit: “Gross Gambling Yield (GGY) of British gambling industry (2021 to 2022): £14.1 billion” Which is simply revenue before costs not actual tax revenue it even excludes loyalty programs with cash back rewards on losses, actual tax revenues are dramatically lower. https://www.gamblingcommission.gov.uk/guidance/regulatory-returns-guidance/rr-guidance-how-to-calculate-your-gross-gambling-yield-ggy https://www.gamblingcommission.gov.uk/guidance/regulatory-re...
That’s looking at harm specifically not economic costs.
Direct taxes to the state are £3.3 billion, but that also ignores missing tax revenue both directly from people spending money on gambling instead of other activities and missing revenue from that economic harm.
- Retric 2y agoJust to put some numbers to lost revenue from other spending. UK VAT is 20%. 14B in direct spending + 1.5 Billion spending from avoided economic harm at 20% vat is 15.5 - 15.5 /1.2 = 2.6 billion in “missed” revenue. So offsetting ~1.5 billion in harm is an optimistic net gain of 0.7 billion in tax revenue.