The gambling industry in the United Kingdom is regarded as one of the most successful, with a perfectly working system for regulating all gambling operators. The success of the industry is largely due to the liberal approach the government has toward the growth of the industry. While the establishment of the Gambling Commission has also had a profoundly positive impact on growing the industry.
The industry is worth an estimated £14.4 billion, and it forms an integral part of the UK’s economy. As the industry continues to grow, the tide appears to be shifting as the future seems to lean towards online gaming and gambling rather than physical bookies and betting shops.
Online Gambling and its Projected Takeover
The online gambling industry in the United Kingdom has been on a consistent growth spurt and is the major revenue generator for the UK government. The online sector of the gambling industry contributes immensely to the overall expansion of the gambling market in the UK. One reason for the level of influence and growth enjoyed by the online gambling sector is due to the somewhat liberal regulations restricting online gambling providers.
With the number of new online bookies on the rise, land-based betting shops and gambling operators are being forced to fold up. The Covid-19 pandemic did not help matters as most of the population was forced to seek entertainment digitally, while physical casinos, betting shops, arcades, slots, and bingo houses were shut. The pandemic gave the online sector the boost needed to grow and has since not stopped growing.
According to TBS, there are at least over 175 online bookmakers with the possibility of more operating within the UK. This increase in online bookmakers and the gravitation towards digital currencies and transactions will further root online gambling firmly as an established sector.
Out of the 30 million registered gamblers in the UK, 10.5 million prefer to gamble online and is expected to rise in the coming years since teenagers and children now participate in gambling in one form or the other. More individuals are expected to move over from brick-and-mortar gambling to online sites, as those expected to be heavily involved in the coming years are young adults who have more interest and knowledge in technology. Despite the increase in the scope of mobile technology, a large percentage of the senior generation distrusts online gambling.
There are many reasons for the growth of the online gambling sector. Numerous features can only be given and enjoyed online. To stay ahead of competitors and gain more customers, online sites now offer promotions, bonuses, enhanced odds, odd enhancing features, incredible gameplay and UI. Gamblers get to create multiple accounts with different bookies and compare odds. Some sites now accept cryptocurrency, tokens and coins, which greatly increase the appeal of online gambling. The general appeal of online gambling is simple: easy and convenient. It’s why millions are turning towards the sector.
It is unlikely that the UK’s gambling industry will reduce in value. This is because gambling has successfully solidified itself as the preferred source of entertainment for residents of the UK. There are new regulations introduced regularly by the Gambling Commission, and it is expected that stricter regulations will push gambling operators to provide better services and improve the offerings available to consumers.
The UK will remain a world-leading gaming industry as the country is known for its liberal stance towards online gambling, technology, and the swift implementation of new market trends and features. This can be seen in the establishment of cryptocurrency casinos, live sports betting, fantasy sports betting, betting limits, and more.
However, regardless of the switch to online gambling, there will always be a market for land-based casinos. With a predicted AGR of 5.20% by 2025, the industry shows strong indications of consistent growth.
The UKGC is also expected to introduce stricter rules and regulations. While it has been easy for online gambling sites to abide by these new rules, several gambling service providers are defaulting and are paying heavy fines or leaving the UK market. With the right Gambling Commission regulations, it is unlikely new companies may come onto the UK market to establish gambling operations, although online gambling sites are expected to fare much better.