An Industry Built on Trust: Latest Stats Show UK Online Gambling is Surging
The UK Gambling Commission (UKGC) has published its latest stats and, for all involved, the numbers make for positive reading. The update is part of the regulator’s twice-yearly progress report and shows how online and offline operators, as a whole, are performing in the UK. Despite outside forces having an impact on live betting and gaming, the industry has held firm. While other business sectors have crumbled, gambling has only taken a marginal hit.
As per the gamblingcommission.gov.uk report, Gross Gambling Yield (GGY) was down 0.5% to £14.3 billion. This slight drop in overall revenue can be attributed to betting shop closures between 2018 and 2019. However, even with these issues, the growth of online betting and gaming has kept the industry buoyant. Indeed, online betting revenue is up 4.3% year-on-year, while online bingo revenue jumped up 12.1% between October 2018 and September 2019.
Online Gambling Hits New Highs
Also hitting new highs during the accounting period was online casino gaming. Raking in £3.2 billion, the licenced operators contributed to an overall revenue increase of 3.9%. Of course, the strength of British betting and gaming is well known. With many of the world’s top betting brands either formed in the UK or based here (or nearby), the market is thriving. Even a cursory look through the list on slotscalendar.com casino sites shows how diverse the market is. Alongside established brands like 888Casino and Betfair, you’ve got smaller brands like Ego Casino.
Add to this spinoffs from other industries, such as The Sun Vegas (linked to the newspaper), and British gambling is in a great place. As we know, success breeds success. Unlike other countries, the UK has taken a proactive approach to gambling regulation over the decades. Although tightly controlled, the act of betting hasn’t been outlawed in the UK as it is elsewhere. This level of consistency has allowed operators to refine their products and, more importantly, for consumers to become comfortable with gambling.
Regulations Build Trust
Practically, this means betting and gaming has been given the ability to thrive thanks to legislation. Today, UK gambling laws are among the most effective in the world. At times, certain conditions may seem overly restrictive. However, the UKGC is always willing to listen to licensees and adjust. One licensing condition that helped define the industry after the UKGC took charge in 2014 was segregated player funds as can be seen at legislation.gov.uk. Licensed operators must not store player funds in the same bank accounts as their own. In other words, operating funds must be kept segregated from players funds. This is to ensure players aren’t affected if the operator runs into financial issues.
This wasn’t standard before the UKGC made it a rule and, clearly, it’s great for consumers. If they know their money is safe, regardless of what happens behind-the-scenes, they’re more likely to make a deposit. When you add to this things like certified fair games, restrictions on certain types of advertising and rules that say bonuses must be fair and transparent, you get an industry built on trust. That, in many ways, is why the UK’s online gambling sector has thrived. When consumers are confident, they’ll play, it’s as simple as that. That latest statistics prove that’s the case and, moreover, show why the UK’s gambling industry is regarded as one of the best in the world.
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