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Gambling Capital, one of the industry’s leading data and consultancy companies, recently released figures showing that the UK is the largest regulated online gambling market in the world. And by more than a narrow margin -with the total gross revenue generated by gambling in 2021 at $12.5 billion, the UK market far outstrips its closest competitor, the United States ($11.0 billion).
And that is the figure for the online market alone. Of course, this gambling market includes some of the best online bingo sites as well as sports betting, virtual sports betting, online casinos and more. But it is still a huge number.
So how did an industry that didn’t exist 20 years ago become one of the leading drivers of GDP in the country? To answer that question, first, we have to look at the historical context. For a start, the UK has always been a big gambling country.
The first documented gambling rules, which set out who could gamble and how much they could bet, were established by King Richard I in 1190. This proves that, at the time, the activity was so widespread the authorities decided it needed regulation.
There is also archaeological evidence showing that Anglo-Saxon nobles in the 7th century took their gambling so seriously that they played backgammon on expensive, imported boards. Horse racing has been around since the time of the Tudors, and Queen Elizabeth I introduced the first National Lottery in the 1560s.
In addition, the British have always been quick to adopt new forms of gambling. Greyhound racing became quickly popular in the 1920s when it was imported from the US. And Bingo, which remains hugely popular in today’s society, caught on like wildfire in the 1940s.
So even before online gambling options became widespread, it was a popular pastime, restricted only by the need to go to a physical betting venue, be it racetrack, casino, betting shop, or bingo hall. Now, thanks to online gambling sites giving instant access to practically every type of betting you can imagine, UK inhabitants are able to indulge their passion much more frequently.
Of course, this has given rise to some concern that gambling habits have gotten out of control. And when you look at the sums of money involved, that concern is understandable. But the United Kingdom Gambling Commission’s “British Gambling Prevalence Survey 2007” found that the percentage of the adult population with problem gambling issues is 0.6, exactly the same figure as in 1999.
A more recent United Kingdom Gambling Commission survey in 2022 concluded that the ‘headline problem gambling rate is statistically stable at 0.2%. The moderate risk and low-risk rates are also statistically stable at 0.9% and 1.4% respectively.’
And with recently introduced changes to the Gambling Act 2005, online gambling sites are now doing more to identify and support high-risk gamblers. This will help the sector build trust and expand even further in the years to come.
