January 19, 2022 (Investorideas.com Newswire) Consisting of online gambling operators including online casino sites, bingo operators, sports betting and esports, the iGaming industry continues to boom in the United Kingdom. Online casino operators and sports betting bookmakers in particular generate billions in revenue per year with profits increasing year upon year.
However, the boom could be short lived, as the UK government is set to announce changes to UK gambling laws. Changes to the 2005 Gambling Act are expected to increase regulations in the sector, especially for online gambling operators. Earlier this year, and perhaps in an effort to create a more positive aura around gambling companies, Ladbrokes owner Jette Nygaard-Andersen stated that she is considering returning £102M of furlough cash back to the tax payer after a record breaking year for the online and offline bookmaker.
Country-wide media pressure directed towards the gambling industry has been sustained ever since the UK government announced an overhaul of the 2005 Gambling Act at the end of 2020. Sports betting and casino betting especially have come under the radar of gambling reformists who believe that both the latter and the former prey on the vulnerable. Although, perhaps pseudo intellectuals should put more faith in those who enjoy gambling.
There are, of course, lots of easy pickings for gambling critics. However, from an investment perspective, many would agree that iGaming offers much potential. Despite the preaching that most gamblers are addicts who don't know any better, Nevada casinos on the Las Vegas strip had their best year ever in 2021 as pandemic weary tourists returned to Las Vegas 'flush with pent-up savings'.
Global iGaming profits rose worldwide to around £50 billion during the height of the global pandemic with casino games respsonbile for most of the increase. Despite the expected increase in regulations in the country, the UK remains one of the safest and most respected places to gamble online in the world.
Prior to any new regulation announcements, online casinos in the United Kingdom are expected to generate record profits. The numerous UK lockdowns saw a record number of online searches for the term 'online casino'. British company 888 Holdings also agreed to purchase William Hill's European business from its US owner in a £2.2bn deal. Online gambling in the USA is opening up more and more with each passing month which is set to prove lucrative to any operator which can get themselves a license to operate in the country.
iGaming in 2022 and Beyond
Whether or not the boom will continue once the government announces specific changes to gambling in the UK remains to be seen. The smart money is on sports betting laws, it is expected that Premier League clubs in particular will no longer be able to work with gambling operators due to the number of children who watch football. Critics have argued strongly that for any child in the UK who watches football, they see hundreds of gambling advertisements each game and that football has become synonymous with gambling.
Where online casino gameplay is concerned, it is expected that further restriction will be put on casino gameplay, but not to the extent that the fiercest anti-gambling critics expect. UK MPs have stated that there does need to be a fine balance between protecting consumers and individual freedom.
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