Online Gambling Report 2016-2017
The United Kingom Gambling Commission (UKGV) recently released figures revealing the revenue and profit details for the gambling industry in the UK for the 2016/ 2017 fiscal year. This online gambling report numbers showed that online gambling sector in the UK has had another year of growth and has significantly increased in stature in recent years. Currently online gambling, which includes the likes of online casinos and other such sites, make up approximately one- third of the gambling revenue generated.
Online Gambling Report
A report looking at a 12 month period revealed that UK bettors placed wagers of GBP 4.5 billion in that time over the internet. This includes gambling avenues such as the lottery, as well as several thousand betting shops and 145 online casinos. The figures revealed a massive increase in the sector of online gambling for the year.
We must also note that these figures determine that bettors in the UK alone now lose in excess of GBP 13 billion each year. The 2016/ 2017 fiscal figures represent an increase of 20 per cent over the course of the last two financial years.
Just for the sake of comparison, we can look at the gambling market in the USA. While it is surrounded by much stricter and much more complicated laws, the regulated gambling sector in the USA has been reported to being worth USD 70 billion annually. At the current exchange rate, that is roughly equal to GBP 56 billion. While the number seems very large, we must not forget that the United States of America is more than forty times the size of the UK. With that in mine we can see that their gambling figures are only a little over four times that of the UK. That should put things in perspective! Residents in the UK turn to gambling much more frequently than those in the USA.
Online vs retail
The biggest player in the UK’s internet gambling market has been the online casinos. Given how lucrative the business can be, online casinos that serve UK customers have been popping up all over the internet over the last few years. They now account for 29 per cent of all gambling avenues in the country.
While online gambling has seen a marked increase in participation in recent years, the other major contributors did actually see a decrease in profit over the 12 month course of the last financial year.
High street betting shops, which have always been a major contributor to the UK’s gambling totals, have seen an overall decrease in trade. The revenues for the 2016/ 2017 fiscal year saw a 2 per cent year over year decrease compared to the revenues from the financial year of 2014/15 for UK betting shops in general.
Last based casinos also saw very little growth in that time. No new land based casinos projects have been commissioned in the UK during the 12 months overlapping with the 2016/ 2017 financial year. As a result, a significant change in year over year revenues was not really expected for that sector of the gaming industry.
Online Gambling Report – Last years comparison
Looking at data from recent years, we can see that growth in the gambling industry has certainly been motivated and consistently spurred on by the online trading sector for a while now. Online casinos, such as Fruity King Casino, offer customers a level of convenience that no land based casino can match. With the increased use of smartphone and mobile devices, people can access their choice of online casinos at the same time all throughout the day. Not only that, customers can stay connected to their choice of online casinos whether they are at home, work or on the go. Customers are becoming more and more aware that their land based counterparts cannot match this level on convenience even if they tried.
Besides the inherent advantages online casinos have, there seems to be a lot more choice in that area too. While there is only a handful of brick and mortar casinos in the UK to begin with, no new ones have been announced or opened for a while. On the other hand, there are already 145 licensed online casinos in operation in the UK and more keep popping up. All these new and growing businesses fight for the same wagers. Even the more established and well- known companies have to work very hard to get the customers’ attention. This inevitably increases the level of competition in the area. Every online gambling company tries to lure customers their way by offering bonuses and joining promotions. This vast myriad of offers makes online gaming even more exciting for players compared to their land based counterparts.
Having a portal to the casino or the bookmaker in your pocket was once considered improbable. Now, with the increased use of mobile devices, it is the reality that the gambling market must accept if they want to prosper. The online sector fully exploits this generations growing dependence on mobile devices. This is not to say that land based casinos and bookmakers should simply give up. They too need to evolve with the times. However, there is little doubt that the number of land based casinos and their revenues are likely to shrink over time.
A decade of online gambling
Online gambling was properly introduced and accepted by the UKGC about a decade ago. In that time, the sector has grown and taken over one- third of the industry. There is no doubt that 2017 will also be a big year for the online gambling sector. The end of the 2017 fiscal year will no doubt show exponential growth yet again for online gambling.
Gambling itself is big business in the UK and it looks like that the industry is making every effort to move their focus towards a future that is predominantly online. If one notes the daily habits of the everyday gambler, it is hard to miss that we are almost already dominated by the online facilities.
We can be certain that the online market will continue to grow. How this will affect business at the land based gambling sector remains to be seen. With 10 strong years for online gambling, and the gradual weakening of the physical gambling sources, we might be onto a trend. The gambling commission’s report for the fiscal year of 2017/ 2018 will no doubt shed some more light on the matter.