This research investigates the impact of wildlife conservation policies on the welfare of communities living in Zambian Game Management Areas (GMAs). The study first uses simple OLS to measure the overall effect that living in a GMA has on household welfare. Findings indicate that households living in prime GMAs enjoy 17% higher incomes than those living in non-GMA areas and that these benefits are captured by the wealthier segments of the community. Secondly, a two-step procedure (the Cragg double hurdle model) is used to explore the avenues through which this GMA effect is generated by quantifying the impact that living in a GMA has on self employment, wage employment, farm- and nonfarm incomes and crop damage. Households in prime (well stocked) GMAs are found to be more likely to participate in off-farm wage and self-employment compared to households living in non-GMAs. With respect to crop damage, results clearly show that households living in prime GMAs are more likely to suffer crop loss due to wildlife, an unresolved conflict that needs further exploration.