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Britain Leads the World in Gambling Bonanza

UK -- As reported by the (London) Telegraph: "The astonishing growth in gambling around the world, including a forecast fivefold increase in UK betting turnover in the three years since 2001, is revealed in an authoritative report published today.

"While the world economy has been stalling, the net total lost by punters around the globe has surged 12.2pc since 2000 to $208billion, according to the Midlands-based Global Betting and Gaming Consultants (GBGC).

"In their third annual report, "Double or Quits", GBGC predicts an even rosier future as the gambling industry benefits from a double whammy of government deregulation and the rewards of massive investment in technology.

"Britain has led the field in the gambling boom following the decision by Chancellor Gordon Brown in October 2001 to replace the betting tax with a gross profits tax on bookmakers.

"UK betting turnover was £7.6billion in the 12 months to the end of September 2001. This year, based on Custom and Excise figures up to July, turnover for the 12 months to September 2004 will be about £39.4billion - a more than fivefold increase.

"...Warwick Bartlett, lead partner at GBGC, says: 'It has been the global slowdown which has acted as the primary catalyst for expansion. We are seeing governments deregulate gambling to raise what are essentially voluntary taxes, a process we predicted three years ago and one that is now well underway.'..."

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