In recent years, online gambling has gained tremendous traction all around the world.
They estimate the current market size of the online gaming industry in the UK at £10 billion, with over 9,000 businesses and over 88,000 employees. Online gambling websites are projected to increase in demand, and this growth will come along with increased income for online bookmakers in the UK.
Some Eye-Watering Numbers
Online gambling contributes to the economy of the United Kingdom in no small measure, and Wales has a big part to play in it. Statistics prove this to be true, with the Welsh population providing close to £260 million as gross annual profit in online gaming alone.
We can attribute this significant amount to the popularity of casino game entertainment, such as the slot games that pay real money at Amazon Slots. The recently concluded estimate shows a Gross Gambling Yield GGY for online casinos in the UK to be £3.2 billion, and they expect the UK online gambling market to skyrocket by more than 5% come 2025.
Considering the enormous chunk online gambling contributes to the UK’s economy, the Gambling Commission ensures the industry is strictly guided.
One of the major contributors to the growth of the online market has been the introduction of mobile apps, coupled with new laws on FOBTs. Unlike in the past, online gambling is now strictly regulated to protect players from addiction and exploitation. Any gambling company that cannot comply with the Advertising Standards Authority guidelines will have fines to deal with. The new UK regulation also reduced the max bet from £100 to £2.00 on FOBTs.
The Demographics For Online Gambling In The UK
In 2021, online casinos generated a whooping £4.0 billion in GGY (Gross Gaming Yield), and as of March 2021, there were 2,500 gambling operators licenced by the Gambling Commission to operate in the UK and Wales. In a survey conducted in September 2021, 32.8% of the participants who were between 45-54 years of age showed they had engaged in online gambling four weeks before the survey.
Studying the age demographics of bettors in the UK, gamblers between the age of 18-24 focus on fantasy sports and Esports like cricket or football. Bettors within this age range have also been noted to bet more than once a week, which is a major advantage for gambling companies. Gamblers between the ages of 18-35 spend, on average, £43 per month on gambling and 1 in 6 of those over £75 per month.
Gamers between the ages of 25-34 are the targets of online gambling companies. Bettors within this age bracket focus on virtual sports, cryptocurrency, console gambling and slots.
British women are also open to betting, further expanding the UK online gaming market. Studies show that 62% of women bet on horse racing, while only 54% of men do so.
Final Thoughts
The online gambling industry across the globe is growing at breakneck speeds thanks to the advancement of technology and online casinos being only a click away. Welsh gamblers have proven that online gambling is here to stay and that as the industry in the UK grows, so does its contribution to the local and national economy.