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Is Online Gambling On The Rise In The UK?

Personal_Finance / Gambling May 23, 2021 - 11:37 AM GMT

By: Dylan_Moran


So, how big is the UK online casinos right now? Is it still on the rise, or is it already over its peak days? And what are the things that you need to understand in the middle of this rise in this industry?

Here are some of the things that you should know.

The numbers

When it comes to the gambling industry in the United Kingdom as a whole, online betting contributed at least 40% to the total gross gambling yield (GGY) of the country for 2020.

According to the regulatory ground The Gambling Commission, remote or online betting brought in annual revenue of at least gross gambling yield (GGY) £5.7 billion in 2020. This is with an 8% increase from 2019’s revenue for online gambling. While land-based betting was crippled by the restriction brought about by the pandemic, the online counterpart of it rose and is still rising, with new providers joining in the game, and more people opting to stay playing online.

The potential problem for some

For a lot of people, discovering online gambling meant a new hobby that is accessible, and can even be rewarding sometimes. To some, this is the perfect combination of entertainment and value. However, for a lot of people, this is the perfect recipe for a disaster. This is why there are experts who have expressed their worry and fear that the accessibility and the widespread availability of online gambling can lead to a new breed of problem gamblers.

In the “Gambling Harm – Time for Action'' report, it was stated that at least a third in every million UK residents are either “problem” gamblers or have a high risk of being one. With how ad and targeting work on social media and throughout the internet, it is now very easy for someone to have ads and promotions for tempting online gambling sites to be in front of their faces all the time--or at least all the time they are online.

This has been looked upon as one of the negative sides of the rise of online ambling--the fact that ads for it can easily reach anyone, even potential problem gamblers. Neil McArthur, chief executive of the Gambling Commission, the body that regulates gambling in the UK, revealed to the House of Commons Public Accounts Committee that about 15% of gamblers are now gambling more than ever, thanks to online gambling making games and betting easier. Now, 60% of the total estimate of online gamblers are “most engaged",” or at risk of developing an addiction if not placed under careful monitoring by themselves or at least someone who would care.

"What we know from YouGov data is that firstly there is a sense of people who have not gambled for a while, thinking that they might. One in five gamblers who have not gambled in the last four weeks say they are likely to gamble in the next four weeks, and one in 10 who have not gambled at all in the last year say they are likely to turn to gambling in the next four weeks," he said.

By Dylan M.

© 2021 Copyright Dylan M. - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2022 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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