Gambling is a broad concept that covers a number of activities such as betting, lotteries, and casino gaming, just to mention a few. It entails placing wagers on the outcomes of specific events.
The wagers and their odds are typically set by Top online casinos UK and sportsbooks. Today, gambling establishments can exist as either land-based establishments or online platforms.
The United Kingdom is considered one of the major gambling jurisdictions in the world. There are numerous gambling establishments in the UK and legislations in place to regulate the market.
Gambling activities in the UK are overseen by the UK Gambling Commission which is tasked with issuing licenses, advising, and providing guidance to businesses and individuals offering gambling services in the United Kingdom.
A Brief Overview of the Industry
According to Statista, the gross gambling yield from the betting market in Great Britain between April and September 2020 stood at about €63 million. However, that was a steep decline due to the severe impacts of the Covid-19 pandemic.
In comparison, the gross gambling yield from the same market between April 2019 and March 2021 was about €2.4 billion. It is worth mentioning that the number of land-based betting shops in the UK has been dropping in recent years.
There were well over 9,000 betting shops in 2011, but the figure had dropped to 7,000 by 2020. Regardless of this drop in the number of brick-and-mortar betting establishments, the number of employees in the UK betting sector remains slightly more stable over the years according to Statista.
The Rise of the UK Online Gambling Sector
Throughout the past decades, the UK gambling sector has been on the rise, and it has managed to maintain that trajectory, only that the momentum has increased in recent years. Today, UK punters have a myriad of options and opportunities to profit, thanks to the stiff industry competition and the growing sense of innovation.
Gambling establishments in the United Kingdom are looking for new ways to encourage players to consider the thought of making money while having fun. Operators have also been seeking means to offer unprecedented convenience to their customers. This is essentially what drove the rise of online iGaming platforms.
The Driving Forces Behind online wagering
The online betting sector is one of the fastest-growing niches in the global gambling industry. Top casinos and sportsbooks allow players a chance to place wagers and play casino games from the comfort of their homes. This possibility only became a reality due to the mass adoption of novel innovations and technology in the iGaming industry.
Online gaming and wagering have been on the rise as more and more punters and operators migrate from the traditional betting approaches to the modern-day tech-driven approaches. According to industry assessments, the business has been dropping for land-based gambling establishments, while iGaming has been exploding at an exponential rate.
The major players in the UK internet iGaming industry are online casinos and sportsbooks. Locals can now place sports wagers and play casino games via their mobile phones. Online or remote iGaming comes with many perks with the primary advantage being convenience.
With numerous online casinos and bookmakers in the UK, users have plenty of options and one can choose the one that best addresses their needs. Online casinos in the United Kingdom offer players huge and diversified game collections and often give lucrative bonuses and incentives to encourage registration and loyalty.
The Significance of Sports Betting in the United Kingdom
Sports happen to be deeply entrenched in the culture of the people of the UK. There are many sports events including soccer, horse racing, dog racing, et cetera. From time immemorial, sports fans have been known to place wagers on their sports of choice.
The same is true in the United Kingdom. While conventional land-based sportsbooks were once popular in the country, fans have resorted to online bookies. Today, a significant percentage of the total sports wagers made in the UK are placed with online bookmakers.
However, that does not mean that physical bookmakers are out of business. There are still individuals who prefer placing bets on a course at the actual event venue. This is especially more prevalent at races. Between April 2019 and March 2020, the recorded turnover from on-course horse race wagering was about €185 million.
However, that figure has been declining over the years, especially during the pandemic years when sports events were canceled or had to go on without spectators.
Sports Betting by Market Share
Soccer betting makes up about 48.4% of the UK’s overall gambling market. Steeplechase and horse racing account for approximately 28% of all sports betting. Tennis betting holds a 5% market share, while dog racing accounts for 3.1%, followed by golf at 0.7%.
A combination of all other forms of sports betting accounts for an extra 9.7% of the UK gambling market. Interestingly, virtual sports, fantasy sports, new sports, and related events have been gaining more popularity. eSports is a particularly intriguing form of sport that has been growing at a rapid rate.
The UK Gambling Market by Demography
The older generations showed interest in gambling in 2020. During this year, participants in wagering activities were aged between 16 years and 65-plus years. Punters aged between 45 and 54 reported the highest wagering participation.
The wealthy Brits were also more susceptible to gambling that year compared to low-income earners. According to a Statista survey, the average weekly gambling spending per household was highest among the ninth decile group, which is the second-highest group of household income earners.
On average, households from the ninth decile group spent about €2.9 on wagering each week. According to another study that sought to examine the frequency of gambling in the UK, 32% of the population gambled at least once every week. 30.8% of the population participated in iGaming once every month.
The Future of the UK iGambling Industry
The number of people participating in online wagering activities in the UK surged in 2021, partly due to the effects of the pandemic. The number of old people taking part in these activities has been increasing, and we are also seeing a decrease in the number of underaged gamblers.
Since the public perception of gambling has been improving, we are seeing an increase in the number of interested individuals. Sportsbooks have been registering new punters every single day. The convenience offered by online bookmakers plays a vital role in the industry’s growth.