A recent gambling industry statistics published by the UK Gambling Commission (UKGC) reveals that online gambling has been growing in the country. The gambling regulator publishes gambling industry statistics twice a year – one in May and the other in November.
According to the latest figures posted by the Gambling Commission which shows statistics between October 2017 and September 2018 the gross gambling yield of the online gambling sector in the country grew by 2.9 percent from the previously reported figure of £5.6 billion. Also, the market share of the remote gambling sector has been reported to have increased significantly from 1.2 percent to 39 percent.
The overall gambling industry revenues have suffered as the total gross gambling yield of the domestic gambling industry slipped by o.4 percent between October 2017 to September 2018.
The report also reveals that there has been a slight decrease in the number of workers employed in the country’s gambling industry. With 106,670 employees working in the sector in September 2018, it is a 1.4 percent decline in the number of employees from the previous figures posted in March.
Following the stricter regulations implemented by the UK Gambling Commission to ensure consumer protection and tackle the rising gambling addiction, many local betting companies have been complaining of declining revenues.
Earlier this year the maximum stake limit on Fixed Odds Betting Terminals (FOBT’s) was reduced from 100 GBP to 2 GBP. Also, the UKGC has introduced new regulations, including mandatory verification to curb underage betting.
In light of the stricter regulations, the UK gambling companies are now relying on overseas gambling markets and also more on the online gambling sector.