Over the past few years, gambling in the UK has undergone immense growth and it has become a major revenue generator for the government, working well for the economy and brands.
We have seen brands like Mr Green Ireland grow to great capability, offering better services, which is a reflection of how the general gambling market has been. So how did the market flourish so much in a short time? And most importantly, what does the future of this industry in the UK look like? We’ll give you the answers in this article.
Factors That Contributed To Gambling Growth In the UK
Here are a few things that facilitated the unreal growth that we see in the UK’S gambling industry.
Improvement of Legislation Laws
In 2014, the UK government amended the laws for remote gambling. What the law did was to officially recognize gross gambling yield for every remote gambling account as a single entity in the market. This implementation made gambling one of the largest shares in the market, giving room for more employees as more hands were needed on deck for the workforce.
Higher Number Of Active Gamblers and Employees
Since the law was amended, the number of gamblers in the UK increased as more people saw it as a legal means to make money. This increment in the population of the gambling market cut across all ages from young to old.
And since the number of visitors in both physical and online establishments increased, casinos and sportsbooks needed to jack up the work rate by employing more people. This means people had more chances to work in places like:
- Casinos
- Sportsbooks
- Bingo Halls
- Lottery Shops
and several other places.
The productivity of these higher numbers of employees also brought about the expansion of big brands, indirectly contributing to the growth of the industry.
Strong Regulations to Promote Fairness
Before bodies like the UK Gambling Commission stepped up their game, many brands used to get away with shady practices. And while some players caught them, many were ignorant of it. Over time, the repetition of these occurrences made people lose trust in the industry.
But the UK Gambling Commission stepped up with a better structure in maintaining fairness in the market. Although it took time, they still regained the trust of the people and here we are today.
What Does the Future of UK Gambling Look Like?
Forecasts show that the future is bright for the gambling industry. It is estimated that the Compound Annual Growth Rate (CAGR) is to grow by over 5% before 2026. And at this pace, it looks possible, and even beyond. The industry is also advancing technically with better innovations like VR and AR gambling on sight. As far as we are concerned, everything looks good for the future of gambling in the UK.
Featured image credit: Source: Pixabay.com
