Global Economic Impact of Gambling Tax Soars

Article Content

WATERFORD, Ireland, Aug. 9, 2024 (GLOBE NEWSWIRE) — The economic impact of gambling on national economies has been astronomical from 2020 to 2024, according to the latest statesman The online gambling market alone is expected to generate a whopping revenue of USD 97.70 billion by the end of 2024, with a CAGR of 6.46% expected to push the market size to USD 133.60 billion by 2029.

Article Content

Minimum deposits in casinos (MDC) – a division of the OneTwenty Group – explored how governments spend gambling taxes and their impact.

“We looked at the top 5 countries in terms of revenue generation from online gambling. It was clear that gambling taxation is revolutionising national economies, feeding vital public services, and driving major community and environmental projects. In fact, it has had a profound and life-changing impact globally, demonstrating how important this revenue stream is to societal wellbeing and sustainable development,” said Miranda Ruff, Head of Gaming Intelligence at MDC.

Top 5 Countries by Online Gambling Revenue in 2024:

• US:$14.4 billion in direct game taxes were paid to the government in 2023. $750 million was allocated for conservation work. The tax was also used for upland management, invasive species removal, flood resilience, sea level rise and water maintenance needs.
• UKThe betting/gaming tax is worth £3.4 billion in 2023/24. Much of this goes to fund the NHS and improve healthcare facilities. Some is used for community projects, roads infrastructure, public transport and housing.
• AustraliaGambling operators contributed A$5.8 billion to the government in 2020. Much of this funding went to public hospitals, medical services and mental health programmes. It also supported public schools, universities and training programmes. Infrastructure such as roads, public transport and public housing also benefited.
• Germany – €5.2 billion has been allocated for the gambling tax for 2022. Much of this money has been used to fund public hospitals, medical research and mental health services. Some of this money has been used for unemployment benefits, housing assistance and support for low-income families. It has also been used for infrastructure, arts and culture programmes and education.

Article Content

• Canada – Canada receives about $9 billion CAD annually from gambling taxes. Much of that goes to health care, social programs, public safety initiatives, environmental protection, infrastructure, and more.

About MDC

MDC, a division of OneTwenty Group, is an online gaming resource portal that reviews and recommends the best online casinos worldwide. MDC conducts a comprehensive review of casinos, focusing on security, gaming licenses, responsible gambling tools and fair gaming practices.

communication: miranda@onetwentygroup.com

The image attached to this ad is available on https://www.globenewswire.com/NewsRoom/AttachmentNg/fce8a685-c9bc-4dee-932c-931e1a1d70e7

Article Content