The UK has been a gambling hub for decades, and that has not changed in the online era. With so many opportunities to enjoy sports betting and casino gambling, what does the future hold for the gambling market in 2024?
The Current State Of Play
Even in 2023, the gambling sector as a whole was recovering from the effects of COVID. With betting shops and casinos having to close their doors throughout lockdowns, there were many that were not able to reopen. However, some did manage to stick it out, and they have still cemented themselves as a mainstay on the High Street.
Of course, the explosion of online betting sites and casinos online meant that many brands were able to stay open and relevant to today’s gamblers. According to BetSelect, there are currently 100+ licensed UK bookmakers and hundreds of thousands of UK gamblers choose to enjoy betting and gambling online, rather than going to in-person locations.
Rather than hurting the in person betting locations in the UK, it has instead allowed them to diversify and reach potential customers who would not have tried them out otherwise.
It is worth noting that in 2023, there was a real decline in getting overall. While there were big events such as the World Cup in 2022 and of course horse racing, the numbers did not reflect what bookmakers were expecting.
Forecasted Market Growth For UK Gambling
So with the above in mind, what can the UK gambling industry expect in terms of growth? The exact numbers will change depending on which body you listen to, but overall, the industry is expected to see growth throughout 2024.
Currently, the market is expected to increase by 5.90% on a which will be around £2,900 million by 2028. Also, user penetration is expected to increase to 21.3%, which is equivalent to around 14.8 million users by 2027.
These are encouraging numbers for the industry, especially as it is still recovering from COVID and all of the knock-on effects of it.
Drivers Of Growth In UK Gambling
So, what is it that will make UK gambling even more profitable and exciting in 2024? There are several drivers of success currently, which will bring in more players and more profit throughout the year. These include:
Online gambling: As mentioned above, online gambling has exploded in popularity in recent years. Both online sports books and casino’s have seen a huge rise in memberships, meaning more and more UK players can enjoy what they have to offer.
There is also been a massive amount of new casinos and sportsbook sites being launched as well, meaning that UK gamblers have more choice as to where they go online. With more sites available and more competition out there, it is going to be much more exciting to start betting or gambling as a member online.
This is especially true where it comes to the personalized experience that these sites can offer. With specific bonuses and rewards tailored to members easily through online sites, you are going to see more and more being launched in the coming year.
The introduction of Self Service Betting Terminals: One of the most interesting things about brick and mortar betting shops is the introduction of Self Service Betting Terminals, or SSBTs. These have allowed punters to get everything that they can get online, but at the same speed in their favourite betting shop.
SSBTs have become increasingly popular, especially after the reopening of betting shops. It offers a lot of speed and convenience to customers, making it so much quicker to make bets no matter where you are.
The rise of crypto and associated tech: Anyone who is attached to the UK gambling scene will be familiar with the rise of crypto. Cryptocurrencies have become another way of making transactions online, and many are investing in them as they are one of the safest ways of making payments over the internet right now.
Online betting and casino sites have noticed this, and have started accepting crypto alongside more traditional payment types. There are even full cryptocurrency only casinos and betting sites available, so the industry has fully embraced crypto as a way of making transactions.
Regulatory reforms: There have been ongoing reforms in the UK gambling market, to increase safety for players, as well as ensuring consumer protection. There have been ongoing reforms in other countries too, but in the UK they have been very reasonable for both the customer and the industry as a whole. This is unlike other countries such as China and India, where the recent reforms have has a real negative impact on the gambling industry.
Risks in gambling: As is always the case, gambling comes with inherent risks and it is very hard to “outsmart” the bookmakers, this has lead to them in general seeing increased profits, as bettors usually risk losing money, the longer they bet with a bookmaker. Services like Gamstop allow bettors to self exclude themselves, and all UKGC licensed betting sites must be part of the program.
Overall, the gambling industry in the UK is set to see a period of growth in 2024. This is thanks to a lot of different factors, such as the rise of online gambling and cryptocurrency.