It may come as surprise to some to find out the United Kingdom waited until 2005 to introduce online gambling laws. The United Kingdom Gambling Commission was formed and has been in place ever since to oversee and regulate the iGaming sector in the UK. With regulation in place, the iGaming sector has grown in the UK but is it still rising?
In terms of iGaming companies, the UK has seen the birth of some of the biggest names in the online gambling industry, including Playtech, 888, Bet365, and Microgaming. These brands may no longer be based in the UK but they have British roots and underline how Britain has long been at the forefront of iGaming. The UK continues to set the benchmark in many areas of the iGaming industry, including data protection, terms of service, licensing, regulation, and customer service. With a solid framework, it comes as no surprise to learn the iGaming sector is still on the rise in the UK.
This statement is backed up with the figures across 2020 and 2021. Reports show the online Gross Gaming Yield (GGY) rose to an incredible £6.85 billion between the months of April 2020 and March 2021. The revenue of the iGaming sector increased significantly during the period and was over 18% more than the same period a year earlier.
Lockdown did play a part in the increased revenue but even sports betting saw an increase in revenue to £2.65 billion and that came at a time when there was uncertainty over sporting events. However, of the total iGaming yield in the UK between April 2020 and March 2021, online slots accounted for 22.2%, which is a considerable amount. It underlines how popular online slot games have become in the UK. Those searching for an all British casino experience have plenty of choice and they remained open for business when many other industries were being forced to close their doors to the public in 2020 and 2021.
The developments in technology have helped the iGaming sector to offer new and exciting products to players. Live casino games are one of the greatest developments in the history of online gambling. Having the opportunity to play a casino game at home, with a real dealer, is fantastic and for some it has replaced going to a land-based casino. Mobile iGaming has transformed the way people play games in recent years. So many people turn to their mobile phone for entertainment that it was crucial the iGaming sector was not left behind. Taking online casinos as an example, many have created dedicated mobile casino apps and this has led to an increase in the number of people playing online casino games. The more convenient it is to play games, the more people are going to try them and that will only lead to increased long term numbers, especially in the younger age groups.
New innovations are what keep people interested and the blockchain is one of the latest additions to the iGaming world. Most cryptocurrencies use blockchain technology to record transactions, with the Bitcoin and Ethereum networks being two good examples. As their use grows in day-to-day life, online casinos and sportsbooks have started accepting cryptocurrency as a form of payment. We have even seen the introduction of online casinos specifically for the use of cryptocurrency although there is yet to be a major player in the UK market.
The iGaming sector in the UK is still rising and with many new features and developments on the horizon, such as virtual reality, the upward trend is set to continue.
