How Much Does an Average British Household Spend on iGaming?
The UK has always been a major market for iGaming, be it sports betting, lotteries, or casino gambling.
Therefore, when online gambling entered the picture, it was a no-brainer when the locals were willing to invest in the newfound entertainment industry which is now worth over £14 billion.
According to the United Kingdom Gambling Commission or UKGC, the industry generates over a few billion Pounds per year in the UK alone while online gambling accounts for £5.6 billion. While 20% of the total revenue, amounting to £3 billion, arrives from the National Lottery, an additional 20% is generated through activities like casino gambling, bingo, and more.
Sports betting is historically among the most prominent gambling activities in the UK since wagering on horse racing and football is etched on the very core of British culture. The online sports wagering industry in the UK is currently worth over £650 million and has recorded a YoY growth of 7% since 2009. Mobile gambling played a crucial role in the growth as the list of bookies catering to the local clientele is ever-rising.
The Impact of COVID-19 on the British iGaming Industry
With COVID-19 raging through the world, physical casinos and sports betting operators shut shop, much like the thousands of other industries. As businesses downed shutters the need for alternate revenue sources surfaced. iGaming emerged as a boon for two segments of society. While the first strata included people dependent on the trade, the second group was in desperate need of entertainment.
As lockdown norms are slowly relaxing, the sports betting fraternity is recuperating as major leagues and events restart after nearly eight months. iGaming, however, caught the attention of the average British gambler, many of whom prefer the convenience of gambling from the comfort of their homes. And the figures corroborate the story.
According to independent reports, British households with the highest tenth gross income spend nearly £4.2 per week on iGaming. While households among the lowest income strata spend nearly £1.5 a week. While the gambling industry plays a crucial role in the nation’s financial stability, a vast majority believes the consequences are far too severe to ignore.
The UKGC has taken a few crucial steps to ensure safe gambling practices. The newly formed regulations impose a limit on the total wagering amount at fixed-odds betting terminals. The revised limit is £2, down from £100 when betting at FOBTs. The operators gave been directly impacted as a result, and leading service provider William Hill believes the company will be forced to shut down 700 of its betting shops.
As a result, a subsequent decline in revenue is projected while analysts believe the repercussions on the nation’s economy could be serious. The UKGC further imposed severe restrictions on gambling advertisements and promoters can no longer use animated characters from films and television for promoting their brand or services. If you’d like to sign-up at a reputed online casino, visit Casino Bee for the best casino sign up bonuses in your area.