Recent years have seen a massive surge in the popularity of online gambling. Gambling has always been a big industry in the UK and the increasing numbers of people getting online have meant a gradual shift towards online casinos and betting sites. Now, however, 2019 saw online gambling revenue suffer a decrease for the first time ever.
Was this decrease caused by a shift in public opinion in gambling or has the market simply become oversaturated? What does this decline in revenue mean for the online gambling industry and will players be affected?
Q3 2019 hedge fund letters, conferences and more
Based on a new report, released by the UK Gambling Commission, online gambling in the UK still generates an enormous amount of revenue. Online gambling represents around 37% of the total gambling revenue in the UK. Online casinos represented the largest portion of that figure, with more than £3 billion coming from online casino games. This was actually a 6% increase from the previous year.
Total online gambling revenue was down however, as online sports betting revenue fell 10% to just over £2 billion. Football remains the most popular sport for UK users to bet on despite football betting falling 1.5%. Based on the statistics horse racing is the second most popular sport for players in the UK to bet on, however,it saw a 15% decline in revenue.
Overall, the total revenue for online gambling in the UK fell by just 0.3% in the year 2019. The UK Gambling Commission produces a report each year, looking at all aspects of the industry. This is the first year that there has been any decline at all in online gambling revenue. The amount is minimal however and seems to come from a slightly reduced revenue from sports betting.
Despite sports betting revenue decreasing, stakes have increased on most sports. Sports betting yield fell by 10% but stakes by players rose by 2.7%. This seems to suggest that betting hasn’t decreased in popularity but actually increased. The increased popularity means more competition between bookmakers which means lower revenue.
The report indicates that online casinos are still rising in popularity and show no signs of slowing down. There are now hundreds of online casinos which are licenced to operate in the UK. Deciding on the best casino to sign up to can be difficult, especially with all the different bonuses offered. To make it easier to decide, you can use a comparison site such as which reviews hundreds of sites to find the best online casinos.
Although UK betting sites saw a decrease in their revenue, it’s likely that players will be unaffected and will still be able to find top-quality odds on loads of different sports and markets. The increasing rise in popularity of casino games meanwhile, means that players are likely to have more options than ever. Slot and Roulette games both saw a big increase in the amount of revenue gained which hopefully means online casinos will continue to offer new and exciting games.
