The UK online gambling industry is widely revered for its continuous year-on-year revenue boost. In recent years, the UK gambling industry has grown in leaps and bounds, just in 2019-2020, UK generated a GGY of £14.26 billion.
According to Gambling Commission figures, online gambling accounted for revenue of £5.7 billion. That is approximately 39.9% of the total figure. Online casino games dominate the sector, generating £3.2bn in GGY, mostly from slots games.
Let it be known that online gambling is legal and regulated in the UK by the Gambling Commission, which was formed by the Gambling Act of 2005 and the following fall under the purview of the Gambling Commission: Online poker, sports betting, casino games, bingo, and lottery-style games.
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Indeed, the UK’s online gambling revenue is one of the highest in the world. The £14.2 billion GGY is significantly higher than the GDP of most nations. Over time, online gambling has become one of the crowning jewels of Great Britain, so much so that The UK gambling industry is fuelled by approximately 30.2 million of its citizens registered as adult gamblers. 10.5 millions of these bettors prefer to bet online and statistics have shown that online gambling generates the most revenue. Hence, it’s safe to say that online gambling is on the rise and hasn’t reached its peak yet.
The UK online gambling revenue is projected to grow, witnessing a CAGR of 5.20% during the forecast period (2020-2025).
The rising popularity of online sports betting and online casino gambling, as well as new inventions and enhanced internet penetration, are expected to drive the growth of the UK online gambling market through the forecasted period.
And if the growth continues, as it is certain to, the UK online gambling market should be worth more than $23.9 billion by 2025.
The Role of COVID-19 in the Growth of the UK Online Gambling Market
The ongoing COVID-19 pandemic has led to a sudden rise in the revenues of online gambling service providers, thus positively impacting the overall market growth. According to the stats, gambling online became the norm amid the closure of land-based gambling venues coupled with the cancellation of various sports events and tournaments.
The lockdown of all non-essential services due to coronavirus led to a significant increase in UK’s gambling revenue and showcased online gambling as one of the biggest winners during the lockdown alongside services such as online retail, food delivery, and subscription services.
What Types of Online Gambling Activities Does the UK Enjoy The Most?
The current state of the British gambling market is due to its growing popularity in both online sports betting and online casino gambling. Statistics show the share of online gambling participants in the UK by type of gambling activity.
Over the last five years, sports betting in the UK has experienced rapid growth. The sport of cricket is most popular among bettors due to its large following and popularity in South Asia, where a major portion of British tourists hail from.
Sports betting dominated the market, with 81.3%, followed closely by online casino gambling.
The popularity of casino gambling has steadily risen over the years. Casino revenue in Great Britain increased from 1.47 billion British pounds in 2003 to 3.2 billion British pounds in 2019. Casino revenue is highly correlated with the GDP, and so Casino gambling is a booming industry in the UK.
Note that; casino gambling dominated the market with 73.6% while the virtual dog or horse races made up 65.1%
Further Facts About the UK Online Gambling Industry
- According to reports, there are 33.6 million active accounts with licensed online gambling platforms in the UK.
- The UK has the largest number of fully licensed online gambling operators on the planet, with more than 100.
- The UK is a leading player in the global online market; Europe dominates the global online gambling market with 54% of the share and with the UK’s revenue made up 15% of that total, it is clear to see that the UK’s contribution is substantial.
- The three primary reasons for the UK’s success include:
- Liberal legislation, compared to other countries’ gambling laws,
- internet accessibility, and
- extensive marketing campaigns by the leading operators.
- UK Gambling sites pay a 15% levy on all their winnings.