(MENAFN- Bazoom Group)
The UK has the world’s largest regulated gambling industry, and according to data released by the UK Gambling Commission, this is on the rise. The figures obtained by the UKGC refer to traditional online and retail casinos but do not include crypto casinos.
This means that figures could be even higher when taking into account the growth of crypto adoption thanks to its many benefits.
The betting industry has been one of the first to fully embrace cryptocurrencies, with many offering a variety of payment options to customers. By exploring the latest Bitcoin casinos instant withdrawals list, UK consumers can enjoy faster transactions, improved transparency and security, and access to some of the most technologically advanced gambling sites available.
Despite the lucrative crypto gambling industry not counting towards quarter 4 of 2023/24's online gross gambling yield, figures show a 5% increase and reached £1.4 billion. The reporting period also registered record bet and spin numbers, totaling 24 billion from January to March 2024.
Slot session lengths increased by 2% for all activities that lasted over an hour, rising to 9.5 million. This helped the slots GGY increase by 11% year-on-year to £614.
Another significant statistic that has helped the UK's online betting industry shows that active accounts' average monthly usage is up to 4.2 million, a 7% increase.
The UK's online betting industry is showing great signs of growth in comparison to the retail sector. Licensed betting operators' GGY has dropped by 3% to £568 million.
Major UK betting operators have gradually moved their focus to online operations, with high-street betting premises dropping by around 2,400 in the last decade.
The ability to automate online processes and provide users with interactive, immersive gaming experiences in their own homes is one of the main reasons that online betting has proved to be so popular. Bettors can also shop around for the best games, offers, and odds, making it a much better prospect.
From a business point of view, focusing on online operations and closing LBOs also makes sense. The overheads involved in paying for the premises, utility bills, and staffing have seen a rapid decrease in the number of LBOs in towns and cities across the UK.
Surprisingly, the number of online sports bets dropped by 6%. However, the GGY still showed a 2% increase and rose to £565 million.
This summer should see online sports betting receive a significant boost as the UEFA Euro 2024 takes place from June 14th to July 14th, with 51 games being played in total.
Football is the UK’s largest sporting market and profits are usually hit hard when the season is not in play. With England being the tournament favorites, despite controversies around their kit, fans will be backing the team in their thousands.
Online operators will be braced for this competition with a variety of betting markets from outright winners to group and player markets.
UK and offshore betting operators for people looking for casinos not on GamStop Ltd are also ready for the Paris Summer Olympics. The Olympics will start just under two weeks after the Euro's end on July 26th and will run until August 11th, and promises to be another massive benefit to the online betting industry.
MENAFN22052024006882014819ID1108245175
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.