According to data gathered by GoldenCasinoNews, gambling and betting activities in the UK are expected to see a significant decline in their revenue in the years to come. Expectations have revealed that the sector’s overall revenue will drop by no less than 17% by 2024.
Preliminary estimates have shown that by 2024, the gambling revenue in the UK will be $70.5 billion, a figure that represents a decline of approximately 2.9% from the initial projections for 2023, which were for an overall amount of $72.12 billion. The UK gambling sector is expected to generate $79.83 billion revenue in 2020, with the figure set to drop to $76.98 billion in 2021 and to $73.42 billion in 2022.
The overall revenue generated by the gambling and betting sector in the UK has been experiencing a decline since 2012 because of various factors that have been fuelled by a change in the country’s gambling laws. That revenue includes sectors such as casinos, lotteries, bingo halls, online gambling, etc. The total revenue of the UK gambling industry amounted to $106.56 billion in 2012, with the figure reaching the record $114.31 billion on the following year, after a 6.7% growth was registered.
However, only a year later, the total gambling revenue in the UK went on a decline, with a drop of 4.9% to $108.92 billion. Another year later, following some legislative changes brought to the industry, the overall income dropped by another 13.5% to $95.96 billion.
Stricter Regulation Has Hit the UK Gambling Industry Hard
According to reports, the revenues generated by UK gambling operations further dropped to $94.47 billion by the end of 2016. A further decline of 14.53% to the record $86.34 billion was registered over the last two years.
As mentioned above, the gambling market in the UK has seen a decline at a time when the Government and local gambling regulatory bodies have been imposing stricter measures on the sector, and some of the biggest gambling affiliates, including XLMedia, Catena media, Gaming Innovation Group, Net Gaming Europe and Raketech Group, have lost significant value in the stock market over the last couple of years.
According to estimates, the revenue which the UK gambling sector generated in 2019 would represent another decline to $82.29 billion. The expected 2020 figure is set to be even lower, with analysts’ projections foreseeing an overall $79.83 billion.
The revenue decline is expected to continue as the country’ authorities are still enacting strict regulations. Most recently, the Government imposed new maximum betting limits for fixed-odds betting terminals (FOBTs) and announced its decision to block the use of credit cards for all gambling transactions. Both moves have been unveiled as part of the regulatory policy aimed at protecting customers from possible gambling-related harm.
- Author
Olivia Cole
