Studies claim that the UK is now on the second place of the biggest gambling markets. The fueling of this market would be taking place because of different factors, such as increase of social media and evolving of regulations, which has helped gambling to become a safe activity for everyone in the United Kingdom.
The UK Becomes the World’s Second-Largest Gambling Market
There were some interesting findings that were revealed after a Japanese casino platform conducted a research on different markets of 61 nations.
CasinoAlpha, an independent affiliate site dedicated to providing transparent and unbiased reviews of licensed online casinos, highlights the UK’s projected gambling revenue of £11.01 billion in 2024, trailing only behind the United States, whose revenue is expected to reach £18.41 billion. This 7.4% growth from the previous year emphasises the continued expansion of the UK gambling sector. Thus, it is reported that the United Kingdom has officially claimed the position of the world’s second-largest gambling market, a significant milestone in the global gambling industry.
What’s Driving the UK Gambling Market Growth?
YouGov claims that at least 25% of UK gamblers enjoy slots and the other 18% would prefer bingo. But Lottoland says that 70% of adults enter the lottery. Recent studies have shown that online gamblers spend over 5£ pounds on sports bets.
The gambling industry pervades and grows because of the global accessibility to the internet. As a result, the number of online gambling platforms and mobile playing fuels this growth.
Favourable regulations made by reputable entities such as the UK Gambling Commission help to spread the gambling market across the United Kingdom. Players are attracted because, in the UK the tax on winnings was abolished, therefore, there is a lack of tax on consumer betting. So this means you can enjoy your casino winnings in the UK because what you earn from a casino is not considered income in the United Kingdom.
Besides, it is a fact that online gambling rose because of technological infrastructures. Mostly, because of the increase of online casino platforms. Cricket, horse racing and football had so many restrictions back in the day, and access to land based casinos was completely denied. As a result, this brought a very heavy increase of influx of players into online gambling platforms. Plus, we should note that modern players are attracted to the comfort and wide range of choices available on online gambling sites.
How the UK Compares to the Global Market
The United States market reigns supreme with a revenue of £18.41 billion. The United Kingdom is following it, along with Australia, which has a revenue that is projected at £8.11 billion. Japan is taking the fourth place with a whopping revenue of £4.95 billion this year. As a matter of fact, 11,3 million people are projected to play online by 2028. This is a definitive sign that they will be engaged in online gambling this year.
As for the UK market, from 2024 to 2028 most likely we can see revenues inching up 3,84% per year. We can also expect a rise of 7,4% in gambling revenues because according to some studies, it was revealed that 27,9% of UK people gambled online. However this will be projected to be the fourth-lowest gambling revenue increase in 2024.
The Historical Context of Gambling in the UK
As a matter of fact, gambling in the United Kingdom has a long, deep-rooted history within the UK society and culture. Its roots come from the 18th century when aristocrats, wealthy merchants, and civilians betted huge amounts of money on boxing contests, cricket matches and horse racing. But none of these activities were deemed legal throughout the 18th and early 20th centuries.
However, all changed when gambling became legal through the Racecourse Betting Act in 1928, the Betting and Lotteries Act in 1934, and the Betting and Gaming Act in 1960.
Despite the fact the United Kingdom had initial struggles with regulations before online gambling became fully legal, we can say that the internet impulsed gambling in modern times.
What Does This Mean for the Future of UK Gambling?
The landscape for the United Kingdom gambling market is very promising. In fact, according to Emiko Matsuda (editor-in-chief of casino online guide), this surge was due to the pandemics which made players switch from land-based casinos to online gambling sites. However this change of patterns in players is most likely to become permanent because of the rise of mobile gaming platforms and the possibility of playing from smartphones.
However, as the market continues to rise, there are challenges along the way, such as concerns for public health. One of these concerns is gambling addiction. The UK has been implementing some measures to counter it. One consists of a maximum stake of £2 for certain betting machines, more requirements for betting companies to contribute with funds to support problem gamblers, rules on affordability checks and customer protection.
The UK government has a legal framework for gambling. Moreover, the UK Gambling Commission provides regulation and licensing requirements.