UK Online Casino Industry Continues To Grow
March 6, 2019 (Investorideas.com Newswire) Gambling has always been an important part of the British lifestyle. Since gambling laws got more liberal in 2005, however, the UK casino industry has been in constant rise. Of course, online gaming sites had already been in existence in the UK in 2005, but after the Gambling Act 2005 came into force, their number increased dramatically. Naturally, the overwhelming diversity of gambling sites resulted in more people indulging in remote betting activities over traditional land-based ones.
In 2014, the UK implemented the Gambling (Licensing and Advertising) Act. Through this Act, the state asserted that its regulated remote gaming business was the largest in the world. At present, the online gaming market generates a total of £4.7 billion gross gaming yield (GGY) per ear, and it is expected to continue growing in the next few years.
Present state of the remote casino industry in the UK
It comes as no surprise that the remote casino industry is big in the UK - after all, the world's first remote betting sites were issued by British operators. And yet, few people know exactly how big the sector actually is.
According to this casino guide issued by the UK Gambling Commission (UKGC) in November 2017, the online gambling market accounts for 34% of the total GGY of the British gaming industry. Speaking in figures, the online gaming sector generates £4.7 billion out of £13.8 billion, which is the total GGY generated by gambling market.
Of the total GGY of the online gaming sector, online casino accounts for about 55%, making it the biggest product of the total online gaming sector. According to experts, this trend has emerged in 2008/09 and has remained largely unchanged ever since.
States that gambling enthusiasts are steadily changing their views towards online transactions of funds, which allows for further growth of the online gaming sector. What is more, UKGC representatives have conducted a survey, revealing that nearly 18.5% of all respondents had used at least one deposit options and gambled in the past four weeks (December, 2017). The figure shows that the number of individuals indulging in gambling activities has increased with about 3% since 2014, when a total of 15.5% of all respondents had gambled in the past four weeks.
12-month growth rate statistics
Between March 31, 2016 and March 31, 2017, the online gaming business has grown with about 11%. Experts have not expressed their opinion concerning the further growth of the market, but the growth rate is expected to cool as the market approaches maturity.
The UKGC report does not provide a long term comparison between the UK remote betting business and that of other nations, as it only regulates the whole remote gaming market on UK territory since 2014.
Remote vs land-based gaming industry
The land-based gaming business thrived in the UK in the past century, but it slowly died away with the rise of remote betting. As it can be expected, the remote betting business is currently bigger than its land-based counterpart. But when did this happen for the first time?
According to the UKGC report, the online gambling business first exceeded the non-remote betting business in 2015/16. Even though technology allows land-based operators to offer increasingly sophisticated gambling products, it is unlikely that the sector will ever reverse the trend.
About remote operators
To conclude the overview of the present-day state of the online gaming industry in the UK, we need to focus on the number of providers offering betting services on UK territory. As of January 2018, the UK is home to about 495 online operators, holding a total of 862 licensed activities. These operators provide an array of betting, gaming and gambling products.
Author: Joshua Rowley
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