UK Online Gambling Revenue Set to Hit Mind-Blowing Revenue in 2024
Online gambling has been popular in the UK for some time, but since the pandemic, there has been a significant increase in people betting online.
UK reported as second-largest online gambling market behind the US.
LISTEN TO THIS ARTICLE:According to data published by Statista, the UK occupies the second position on the list of top online gambling nations in 2024, with projected revenues reaching approximately £11.01 billion. It ranks just below the US online gambling market, which is anticipated to generate around £18.41 billion in revenue this year. Australia holds the third position, with expected revenues of £8.11 billion.
US the Fastest Growing Market
This year, a 20.3% increase in gambling revenue is forecast for the US. A growth of 10.5% is expected in Australia, with an additional 5.12% growth expected annually until 2028.
While 21.1% of Australians say that they have gambled online, the figure is higher in the UK at 27.9%. However, UK gambling revenue is expected to increase just 7.4% this year followed by an annual increase of 3.84% each year until 2028.
The survey covered 61 countries and the overall increase in revenue this year is predicted to be roughly 12.9%.
The Japanese market is also expected to perform well with online gambling revenue of £4.95 billion this year, an increase of 12.7% from last year. It is expected that 7.9% of Japan’s population will gamble online this year, with this number expected to grow over the coming years.
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The Popularity of Online Gambling in the UK
Gambling has long been ingrained in the UK’s culture with sports betting particularly popular. YouGov’s Global Gambling Profiles data shows that roughly 49% of UK online gamblers spend upwards of £5 on fantasy sports and sports bets each month. UK’s affordability checks will probably have a role to play in the evolution of the gaming industry, but for now, the trajectory is only upwards.
In the UK, 25% of online gamblers play slot machines while 17% opt for card and table games, and a further 18% play bingo. The lottery is also extremely popular and it is estimated that more than 70% of the UK’s adult population plays the game regularly.
While football and horse racing are popular in the UK, they are not the most popular sports to bet on. Instead, UK sports bettors focus on sports such as cricket, tennis, rugby, golf and boxing.
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