The Growth of Gambling Industry in the UK
It is no surprise that the world of online gaming has evolved extraordinarily. The online gaming industry which was worth $41 bn is set to cross the whopping $80 bn mark by the end of 2020. These figures itself defines the immense growth of this industry in a relatively shorter period.
Not many people know that of the total internet traffic, 11% of the traffic comes from online betting exchanges. Over the years the UK betting industry has witnessed a tremendous 300% growth since the new legislation came into effect in 2014.
In the UK, the gambling laws are more relaxed as compared to the United States, and because of this reason, the gambling industry in the UK has been on a steady increase and more so in the last five years. Ever since the Gambling Act, 2005 came into force the number of online gambling players rose from 9.7% in the year 2008 to over 17% in 2018. This is also one of the reasons why so many new bingo sites start operating in the UK. The massive profits that come with the gambling industry make the UK the most sought after gambling hub in the world.
Why Has Online Gaming UK Become So Popular?
- The foremost reason that has boosted the UK online betting exchanges is that the younger generation especially the millennials have developed a tremendous interest in gambling.
- Modern themes by the gambling companies help them reach to a broader market.
- Mobile friendliness and mobile applications of the gambling sites has increased the feasibility and convenience.
- In a bid to grab significant share of the gambling market companies are becoming more customer-centric thus attracting more customers and driving more traffic and revenue as well.
- The gambling laws are relaxed as well as very strict, and every major player in the market has to adhere to. So, this makes UK gambling industry quite transparent which is a significant factor to attract customers.
It is also a fact that a few years back when one thought of gambling the image that used to came to mind was that of people crowded around a table betting and having a great time. But times have changed now, and the number of female players is now getting into the game. This is also one of the factors that has contributed positively to the online UK gambling industry.
Key figures that compliment the tremendous growth of the UK gambling industry
- Only 2 percent of the gamblers are categorised as problem gamblers while 4 percent as low-risk gamblers and 1.1 percent as moderate risk gamblers.
- Around 57 percent of adults (age over 16) in the UK had gambled in the previous year.
- Around 62 percent men are more likely to gamble than women which are at 52 percent.
- The most popular gambling activities include lotteries, national lottery draws and scratchcards.
The conclusion is that the UK gambling industry is growing at a rapid pace especially in the online sector. But this growth has also relinquished more responsibility on the betting exchanges as more licensing standards are going to be implemented by the UK Gambling Commission shortly to encourage betting exchanges to eliminate gambling related fraud and harm to consumers. Because in the end, the prime motto of the UK Gambling Commission is to ensure all consumers are protected.
Gambling and betting are so common, that there are sites that gives a review on different Casino and Sport betting operators. Sites like BettingTop10, are a platform for people who are looking for sport betting guides. All the leading brands are evaluated and ranked according to the user reviews so that there is no chance of fraudulent.