Friday May 10, 2013 : ONLINE GAMBLING ON A ROLL
Investment publication says GBP 2 billion market in the UK is showing no signs of slowing
Online gambling in the UK is a huge growth industry, the publication MoneyWeek reported Friday, pointing to estimates that growth has been at around or over 20 percent per year for the last decade, and the UK market was worth over GBP 2 billion in 2012…80 percent ahead of just four years ago.
MoneyWeek attributes easy and improved internet access as a primary factor in that growth, observing that it is hard to think of an industry that has benefited more from the instant availability of digital information, from the ability to communicate with people all around the world to sending money at the touch of a button.
"Gambling always used to require premises – the betting shop, the bingo hall, the casino. No more. Now the roulette table comes to your TV screen, your poker opponents are waiting online and sporting odds are flashed to your mobile device," MoneyWeek's Tom Bulford remarks.
Entrepreneurs have been quick to see the possibilities, building successful businesses in different internet gambling sectors such as sports betting, where in-play action has become immensely popular; online casinos where the excitement of the land casino is delivered to PC and mobile devices in both live dealer and RNG formats; bingo and poker, where big money tournaments and cash games have become the norm.
MoneyWeek opines that the availability and wide choice of games have attracted new users. The fastest growing category has been women.
"For men, however the motivation is slightly different," the publication notes. "Young men are particularly prone to gambling and go for casino games and skills-demanding games that are traditionally associated with the male identity."
Whatever the motivation, online gambling is growing fast and showing no signs of stopping.
MoneyWeek does not delve into the forthcoming UK tax changes, which will see operators wishing to access the British punter having to acquire UK licensing and pay an as yet undefined UK tax.