High street bookmakers are not only doing well in the recession, but could help to reinvigorate our high streets, a new report claims.
The Centre for Economics and Business Research, which produced the Betting On Britain report, estimates that in today’s money, bookmakers have already invested some £2bn in local economies over the last decade, through opening new shops and the refitting of older ones.
The high street bookies contribute £3.2bn to the economy, and are one of the most female-friendly environments, with 56 per cent of its workforce being women.
There's also positive news for young jobseekers, since one in four employees at bookmakers are aged between 18-24 years old.
Women and young people have been hit disproportionately by the economic crisis. Youth unemployment peaked at over 20 per cent and currently stands at 17 per cent. Austerity measures hitting the public sector also resulted in women, who make up 65 per cent of it, have shed jobs at a faster rate than men.
Oliver Hogan, head of microeconomics at the CEBR, said: “Bookmakers make a massive contribution to the UK economy. Unlike many businesses, bookmakers make a significant contribution to all regional economies, from £205m in the North East to £219m in the West Midlands.
"This strong regional footprint demonstrates how valuable bookmakers are, at a time when many regional economies are struggling.”
Dirk Vennix, the chief executive of the Association of British Bookmakers, said: “This is a major piece of research which confirms the positive impact that bookies have on society and the British economy. Bookmakers are proud to be at the forefront of an enterprising private sector, providing jobs where they are needed most.
"We are a progressive industry which is committed to providing real opportunities to women and young people.
Bookmakers have been firm supporters of the high street throughout these difficult economic times. We continue to attract shoppers to the High Street, which is good for everybody.”
But there are those who remain concerned the shops could encourage consumers with little disposable income to bet more than they can afford. Rumoured government plans to relax planning restrictions to allow 'pop up' bookies to appear have also received stinging criticism.
Tottenham MP David Lammy told the Daily Mail: "Relaxed planning restrictions are there to encourage new, independent stores that add vibrancy and diversity on the high street, not give bookmakers yet another loophole to exploit in their takeover of British high streets."