Online Gaming is a pastime that’s enjoyed by many around the UK as a way to relax and socialise. Previously undertaken with bookies and at racecourses around the country, the past two decades have seen the industry explode in popularity. For the UK economy, that means just one thing–an influx of cash, and plenty of it.
The Online Boom
Much has been said already about the effect of technology on the growth of the gambling industry. This is partly because its impact has been immense. Gamblers can now play all sorts of games online – a marked change from 20 years ago. They can spin a wonder wheel, offering daily free spins with bonus rounds and the chance of winning different prizes. Or they can try their luck at card games and roulette wheels. There is a myriad of options available online for gamblers with various interests. Basically, online gambling is accessible to the masses in a way that gambling never was before.
A Boost for the UK Economy
The gambling industry in the United Kingdom is a major contributor to the country’s economy, generating billions of pounds in revenue each year. According to Statista.com, the gross gambling yield from the gambling industry, casinos, online gambling, sports betting etc., came to £14 billion as of March 2022. This is an increase from the £12 billion of the previous year.
Technology, automation, and moving operations online have meant job losses for many industries. But this has not been the case when it comes to gambling. As of 2019, over 100,000 jobs had been created in the industry as companies hired more employees, including risk analysts and customer service agents, to deal with the growth in popularity.
This popularity shows no signs of slowing down either. Statista predicts a 3% revenue growth for the year 2023, while revenue from the gambling industry is expected to come to more than £44 billion.
Be In It to Win It
It’s not only casinos and online gambling that contribute to this figure. Lotteries also make up a significant part of the UK’s gambling industry. The National Lottery is one of the most popular lotteries in the world, offering a wide range of games and giving away millions of pounds in prizes each year.
Retaining just 1% of the profit it makes, and pumping the rest of the money back into the economy, the numbers are truly staggering. By the end of March 2022, lottery ticket sales totalled £8 billion. Out of this, £1 billion went to fund National Lottery projects, including helping to sponsor Olympic athletes like Mo Farah. Another £900 million went back to the government coffers, which was then used to fund national services like education and healthcare.
The gambling industry in the UK is a dynamic, evolving sector of the economy. With the continued rise of technology and the growth of online gambling and sports betting, the industry is undergoing a significant shift. As it stands, it looks well-positioned in the years to come to continue its growth and help boost the domestic economy.