WATERFORD, Ireland, Aug. 9, 2024 (GLOBE NEWSWIRE) — The economic impact of gambling on economies has been astronomical between 2020 and 2024, according to the latest Statista study. The online gambling market alone is expected to generate an impressive $97.70 billion by the end of 2024, with a CAGR of 6.46% pushing the market size to $133.60 billion by 2029.

Minimum Deposit Casinos (MDC) – a division of the OneTwenty Group – investigated how governments spend gambling tax and what impact it has.

“We looked at the top five countries in terms of online gambling revenue. It was evident that gambling tax is revolutionising economies, driving vital public services and spurring major community and environmental projects. In fact, it has had a profound and life-changing impact around the world, demonstrating how important this source of revenue is for societal wellbeing and sustainable development,” said Miranda Raaff, Head of iGaming Information at MDC.

The 5 countries with the highest revenue in online gambling in 2024:

• United States: $14.4 billion was paid to the government in 2023 in the form of direct gaming taxes. $750 million was earmarked for conservation measures. The tax was also used for upland management, invasive species removal, resilience to flooding and sea level rise, and water conservation.
• UK: Betting/gambling tax was £3.4 billion in 2023/2024. A significant portion of this will go towards the National Health Service and improving healthcare facilities. Part of this will go towards community projects, road infrastructure, public transport and housing.
• Australia: Gambling operators paid 5.8 billion Australian dollars to the government in 2020. A large portion of this was used for public hospitals, medical services and mental health programs. It also supported public schools, universities and training programs. Infrastructure such as roads, public transport and social housing also benefited.
• Germany – €5.2 billion was paid as gambling tax in 2022. A large part of it was used for public hospitals, medical research and mental health services. Part was used for unemployment benefits, housing assistance and support for low-income families. The money was also used for infrastructure, arts/culture programs and education.

• Canada – Canada receives approximately $9 billion Canadian in gaming taxes each year. Much of this goes to healthcare, social programs, public safety initiatives, environmental protection, infrastructure, and more.

About MDC

MDC, a division of OneTwenty Group, is an iGaming resource portal that rates and recommends the most trusted and reliable online casinos worldwide. MDC conducts a thorough review of casinos, focusing on security, gaming licenses, responsible gambling tools and fair gaming practices.

Contact: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fce8a685-c9bc-4dee-932c-931e1a1d70e7