Uk Gambling Industry Profits
Scandals over abuses in the gambling industry have created cross-party consensus for change. Here’s how it should work, says James Noyes, fellow of the Social Market Foundation. It is thus no surprise that new bingo sites keep coming in the UK in a hope to reap the massive profits that come with these developments. A report by the gambling commission released in 2018 shows that the industry is not only growing at a fast rate but that the money generated is also increasing at a rapid pace. Dec 08, 2020 The UK's gambling review has to be free of industry influence and political dithering. Online operators have reaped the rewards of Covid lockdowns with a boost to profits.
Gambling from the comfort of your own home is big business. And the latest figures from the online gambling industry support that assertion!
Whilst the 2019/2020 figures are yet to be released, in the year April 2018-March 2019, the gross gambling yield in the UK alone was £14.4 billion. Of that figure, £5.3 billion was secured via the remote sector, i.e from gambling online.
The reason for that success? Aside from the fact that online gambling is both easy and convenient, exciting innovation within the online gambling sector is attracting more and more new customers to the arena. Here is a breakdown of how we can expect the industry to achieve their forecasted growth over the next 12 months:
Growth in New and Existing Online Sites
Firstly, we will see more new online casinos being introduced to the market throughout the year, whilst established brands such as https://www.cashino.com/casino will continue to grow by introducing new and exciting games that will encourage existing customers to both return and to spend longer on the site. Now increasingly sophisticated games are appealing to the general public and this isn’t something that is set to change in 2020.
As well as the modern and exciting gameplay, it is the drive of technology that has been so essential in helping the sector to mature and grow so rapidly: we don’t expect this trend to buck in 2020. Here are the three main areas which are expected to see more growth in 2020 in the online gambling industry:
Artificial Intelligence
Artificial intelligence is something that many people are very wary of, but it is being introduced to online gaming to create a more intuitive gaming experience for players. Effectively, artificial intelligence is being adopted by online casinos to remember its customers and their preferences. If you prefer poker games, for example, then you will always be pointed in the right direction, making it easier and more effective to find and play the games you most enjoy.
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Augmented Reality and Virtual Reality
Augmented and virtual reality will be introduced to online gaming in a bit to create a feeling of a real “bricks and mortar” casino, but from the comfort of your own living room. Real games with a real croupier can already be enjoyed on many sites, and virtual reality will only make this whole experience more real. The only draw back to VR is that the headsets required to enjoy these are still very expensive, but it is expected that the price of these will drop slowly over time.
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More Ways to Pay
From 14 April 2020 the use of credit cards will be banned on gambling websites, in a bid to prevent problematic gambling and gambling addiction with money that people simply don’t have.
Gambling Industry Revenue
But more and better ways to pay are being introduced to gambling websites to ensure that the process of paying for your games are integrated, and would interfere with your game play. Online wallets are already making inroads with most of the larger casinos accepting them, and it is forecast that in 2020 online casinos will begin to accept cryptocurrencies such as Bitcoin and Ethereum as standard.