The UK’s gambling industry is the biggest in the world, worth an estimated £15.1 billion which eclipses that of the U.S. betting market at around £9 billion, and its closest European rival Italy which has an estimated value of £3.5 billion.
This is partly down to the well-defined regulatory frameworks established by the UK Gambling Commission. Gambling expert Peter Addison of safebettingsites.com explains how the UK Gambling Commission’s 2005 Gambling Act regulates all British gambling activity and issues the relevant licenses for casinos, online betting operators, bingo clubs, and other betting options in the UK.
The licenses issued by the Gambling Commission demand strict compliance from operators across key mandates that are designed to protect consumers. This includes rules, risks, and odds that are communicated to the customer, and age verification is paramount.
The Gambling Commission also requires bookmakers and casino game providers to promote responsible gambling and all licensed operators must be registered to GAMSTOP.
Safebettingsites.com provides a service that revues the best and safest betting options for UK bettors, an essential service in an age when online security is a priority for many.
Having a clearly defined regulatory framework makes it easier for operators to understand what they can and can’t do, allowing them to focus on providing the wide variety of betting markets that make the UK one of the best locations in the world for gambling.
The UK permits sports betting, horse racing, dog racing, casino games, slot machines, and lotteries are just some of the markets available in the UK. The minimum age limit for bettors in the UK is typically 18, however, some lotteries and amusement machines allow those aged 16 and over to participate.
Britain’s gross gambling yield of £15.1 billion from April 2022 to March 2023 saw a 6.8% increase on the previous years’ figures. This came despite a 2.2% decrease in betting premises over the same period.
This comes as betting operators move to decrease overheads and the rising costs of physical betting offices. The ability of large betting operators to downsize physical premises has only been made possible by the growing remote betting market.
Remote betting operators accounted for £6.5 billion of Great Britain’s gross gambling yield. The Online casino sector was the largest market, accounting for $4 billion. Of the games offered by online casinos, slot machines were the biggest draw for UK bettors, accounting for £3.2 billion.
Remote betting operators totalled £2.3 billion with football being the most popular market making over £1.5 billion and horse racing the second. The remote bingo market brought in significantly less than the online casino and betting industries at £173.6 million.
Despite the amount of UK betting premises dropping by 186 to 5,995, non-remote betting showed a 15.4% increase on the previous year’s total. Machines proved to be a significant factor in this growth, accounting for 50.1% of the GGY. This was an increase of 15.9%, rising to £1.2 billion.
During this time the National Lottery increased ticket sales by 1.1%, totaling £8.2 billion and paying out £4.7 billion in prize money.
The gambling industry will be eagerly waiting for the figures for April 2023 to March 2024, with predictions that online betting operations are likely to grow further. The global 5G rollout and advances in AI, VR, and AR technology are all helping the online betting industry grow and provide a better user experience for consumers.
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