UK ranked as the most profitable online gambling market globally

In the United Kingdom, gambling is believed to have started in the Middle Ages. It wasn’t until the 18th century, however, that gambling became a highly popular pastime among the upper classes and private gambling clubs and casinos started to spread out across London. However, in the following century, gambling was outlawed, leading to the proliferation of illegal dents. The legalisation of betting shops in 1961 allowed for legal sports betting as well as the introduction of the National Lottery in 1994, which brought new gambling opportunities. 

With the advent of technology in the 21st century, online casinos and sportsbooks became progressively more popular not only in the UK but also in the rest of the world. Nowadays, the UK has a well-regulated gambling industry and an online market that has become one of the largest in the world. 

The UK online gambling market in numbers

According to the most recent figures, the UK’s gross gambling yield (GGY) amounts to 12 billion USD. This positions the market right above the United States (10.96 billion USD), Australia (6.55 billion USD) and Italy (4.51 billion USD). A 2022 survey showed that at least 43% of Brits have gambled at least once in their lives, whereas 27% have participated in the National Lottery. On average, a person in the UK will spend about 2.60 British pounds per week on gambling-related activities, which amounts to 135.20 per year. The most popular types of online gambling include sports betting and online slot games. Those who partake in online gambling are between the ages of 35 to 55. 

Regulatory bodies in the UK

Licensed casino and sportsbook platforms are legal in the UK and there are online gambling laws to protect the public. All forms of online gambling are regulated by the Gambling Commission (UKGC). Among the UKGC’s list of responsibilities is to ensure that gambling is fair and open, raise awareness of problem gambling and prevent crime by investigating and prosecuting any type of illegal gambling operation. The UKGC also issues licences that allow gambling providers to operate in the United Kingdom. The commission ensures that licensees act as per the requirements imposed by the Gambling Act 2005. 

The future of online gambling

Online gambling is not only popular in the United Kingdom, but also in several other European nations, with Italy (4.5 billion USD), France (3.8 billion USD), Germany (3.6 billion USD) and Sweden (2.10 billion USD) ranking among the top ten largest markets worldwide. 

Last year, the global market size was valued at 63.53 billion USD and it is projected to continue rising at a compound annual rate (CAGR) of 11.7% from 2023 to 2030. One of the key factors that will continue driving this growth in the coming years is the increasing investment in the market and the proliferation of live casinos. In addition, the greater accessibility of stable internet connection and affordable smart devices across the world might positively impact the industry. 

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