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British Punters Gamble Away £29.6 Billion

UNITED KINGDOM – As reported by the UK This is Money: "Britian's obsession with betting has spiralled by huge sums, figures reveal. In only three years, the money staked by punters has shot up from £7.3bn annually to £29.6bn (US$55.3 billion).

"…The gambling surge began after Chancellor Gordon Brown abolished the 9% betting tax, which had to be paid by punters before October 2001. It has also been fuelled by the rise of internet betting and the wider range of bets offered by bookmakers.

"There are fears - especially with proposals to allow Las Vegas-style casinos - that the huge growth in gambling will lead to more people becoming addicted and going into debt.

"…Another factor in the increase is the introduction of the 'fixed odds' machines in betting shops, which offer games such as roulette and £500 jackpots.

"…Other new forms of gambling include exchanges, which allow people to bet among themselves rather than with a bookmaker and spread betting, in which cash is won or lost based on how far the result varies from that expected by the bookie.

"The figures do not take into account the billions spent on bingo, Lottery tickets, gaming machines and in casinos…"

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