Even though many in the UK enjoy gambling, the industry itself isn’t very well understood by people, especially when it comes to how it impacts the economy and generates jobs.
In this article, we’ll review the main facts of this industry in the UK. We’ll also look at where things are heading for the sector.
iGaming, a Game of Numbers
In the United Kingdom, there are many ways in which people enjoy gambling. They wager in betting sites no ID verification UK, casinos, lotteries, bingo, and scratchcards online and in brick-and-mortar facilities. sports, casinos, lotteries, bingo, and scratchcards online and in brick-and-mortar facilities.
The industry is regulated by the UKGC, which is in charge of licensing gambling outlets. It entails strict controls that aim to promote safety, trustworthiness, and fairness regarding all offerings.
Undoubtedly, the king of casinos is slots. From the 3.9 billion pounds in GGY, slots have a share of 3 billion pounds. It’s not difficult to understand why, as these games are some of the most innovative and engaging. Thanks to the myriad of themes, game mechanics and features, they’re at the forefront of gambling choices anywhere.
By the end of 2022, 2,419 operators were licensed in the UK, meaning about 110,000 jobs in the industry. In 2023, it’s expected to grow up to 120,000 positions. The average salary is 57,500 pounds, far above the UK’s mean full-time wage.
To have an idea of the scope of this industry, in March 2022, the gross gambling yield was over 14 billion pounds, of which 6.4 billion pounds corresponds to online gaming. And, if it looks like everybody knows several people who gamble, it’s a fact: 43% of Brits bet monthly as per this UK online gambling sites guide.
Increasingly Strict Regulations
Even though the UK enjoys a thriving iGaming landscape, there have been some controversies surrounding recent regulatory changes. In 2020, gambling with credit cards was banned. This impacted about 800,000 gamblers and all UK-based gambling operators.
There was also a ban on certain game features, such as the Autospin function of slots. This feature dispenses with the need to click or tap the “spin” button for the round to begin. It was considered to incite irresponsible gambling.
And in April 2023, significant changes were enacted to protect vulnerable players. Among them is a new levy for gambling companies and a new online stake limit of between 2 and 15 pounds for online slots. This is just the beginning.
Now, gambling operators will need to conduct checks on high-spending gamblers, and the UKGC will have new powers to block offshore platforms. Casino bonuses will also be under review, with fresh, unannounced rules coming.
Will those measures hinder the industry’s growth? Likely not.
Why People Gamble
A significant consideration in understanding the gambling phenomenon is that whereas the concept of gambling as an industry is new, the activity itself is one of the oldest in the world. Why is it so appealing to many? According to a survey aimed at young people in 2022, they engage in iGaming because:
There’s a good chance to win money
It gives you something to do
Games are simple
The first reason was selected by 78% of participants, more than doubling all the other choices which were selected, on average, by 34% of them. It highlights that young British gamblers understand that entertainment should be the most crucial factor.
The iGaming industry is thriving. This trend is expected to continue in the foreseeable future. Almost half of the population in the UK gamble at least monthly, giving a lot of room for expansion.
Even though regulations are strict compared to other jurisdictions, it doesn’t seem to stop the growth of new platforms and customers daily. And nowadays, with new technologies being adopted almost daily, new forms of gambling will surely attract even more people than before.