Promotional feature…
The United Kingdom has a sturdy reputation for gambling on a global scale. However, a recent Statista study reveals a new interesting fact.
The UK is positioned as the world’s second-largest gambling market, succeeded by the United States. This growth benefits the gambling market and HM Revenue and Customs, which received almost £4 billion in tax receipts from the industry during the 2023-2024 financial year.
What Does the Study Confirm?
The survey, created by a Japanese casino site, analysed the gambling markets of 61 countries. During the analysis, it discovered that the UK’s gambling industry might reach £11.01 billion in revenue in 2024, which places the country in second place and the largest market on a global level; just behind it is the US, where revenues might reach £18.41 billion by the end of the year.
This revenue growth represents a 7.4% increase from the previous years. However, the growth is expected to slow down and settle at an annual rate of 3.8 between 2024 and 2028.
Why is Gambling So Popular in the UK?
Gambling has its roots in the UK culture, starting with a massive market for sports and online betting. A recent study from YouGov’s Global Gambling Profiles reveals that 49% of UK online punters spend over £5 monthly on fantasy sports and sports betting.
Moreover, 25% of those punters play slot machines, while 17% enjoy casino games, and 18% prefer bingo. Each player spends £5 or more monthly on these activities.
However, the most popular activity remains the lottery in the UK. Lottoland UK suggests that over 70% of British adults, or almost 45 million people, play the national lottery.
To everyone’s surprise, football and horse racing are not the sports that attract punters the most. Instead, other activities such as cricket, tennis, boxing, rugby, and golf have attracted more attention lately, as British gamblers spend over £200 per month, according to Global Gambling Profiles data.
The Impact of Online Casinos
Online casinos have played a massive role in the expansion of the UK Gambling market, even at UKGC-regulated sites. Gambling platforms that offer sports betting, table games, bingo, and other casino games are extremely popular, increasing revenues with their growing number of users.
These sites’ popularity grew during and after the pandemic, when other options such as horse racing, cricket, or football betting were impossible to reach. Now, even though things are back to normal, online gambling’s popularity still persists. If you wonder why, well, online gambling offers multiple benefits, such as promotions like welcome bonuses or attractive 10 free spins no deposit, multiple gaming options, and, most of all, convenience.
You are no longer required to go to an actual casino to play your favourite games. In fact, according to a study conducted by the Gambling Commission, the most convenient way players could play was via mobile phone, and over 50% of online gamblers preferred this method.
In addition, gambling winnings in the United Kingdom are tax-free. This is perhaps the biggest advantage for punters who want to keep playing and bet even higher amounts.
Affordability is another reason why betting is so popular among Brits. Several slot games currently allow punters to start their gameplay with only £1. With restrictive gambling regulations in the UK, punters feel more confident spending their money on regulated gambling sites.
Gambling Risks and Concerns
Given this rapid growth in gambling activity and the expanding gambling market, experts have begun to be concerned for public health. This is a fact that increases pressure on the government and regulators to take stronger action to protect people from gambling-related harm and fund treatment.
It’s no longer a hidden fact that gambling can lead to addiction. Even though the percentage of the gambling population at risk of harm is stable, any rise in gambler numbers can result in more people having problem gambling.
In response to these concerns, The UK government and regulators have added some extra measures recently, such as:
- A £2 limit on individual bets for slot machine players under 25 and a £5 limit for players over 25.
- Betting companies will contribute more to helping problem gamblers.
- New rules around affordability checks
- Customers protection
- Regulated ads.
However, as gambling continues to expand, there will be more demand for stricter and stronger regulations to protect those at risk.
Spotted something? Got a story? Send a Facebook Message | A direct message on Twitter | Email: [email protected]
Latest News
