There’s no doubt about it. Gambling is a big business worldwide, and it’s getting bigger. In 2023 it was estimated to be worth around $540 billion and this year this figure is set to be higher still.
It’s also no surprise that the US leads the way in terms of revenue. Here, the annual figure of $66.5 billion doesn’t tell the whole story. That’s because it doesn’t include the earnings from the nation’s many tribal casinos, set up to benefit the communities that they serve.
When it comes to the second biggest gambling market globally this may come as a surprise to many.
In the UK in the year ending March 2022 around £14.1 billion was spent on all forms of gambling. Recent figures from the Gambling Commission, the country’s official regulator, show that this is a figure that is rising as time goes on.
To understand how the UK has reached this position it’s important to have a little historical context.
A brief history of gambling in the UK
Britain has a strong tradition of gambling that goes back to the 16th century and beyond. Betting on racing between two horses certainly went on during the reign of Henry VIII but it wasn’t until the 18th century that the sport became more formalised.
This, along with the gaming clubs that started to emerge at the time, was largely the preserve of the wealthy and the upper classes.
As time went on, gambling gradually became more democratised. A great example of this comes in greyhound racing. This was an activity designed to offer all the excitement of horse racing, but which would be easier for the less well-off to participate in.
By the late 19th and 20th centuries gambling in different forms had crossed the class divide.
Legislation in the country has always been drawn up to permit different forms of gambling rather than to prohibit it. It’s this liberal approach that has helped the country reach the position it is in today.
One of the most significant pieces of legislation has been the Gambling Act of 2005. This was introduced by the Labour Government of Tony Blair and its aim was to create an environment in which gambling became both more accessible and safer for participants.
It was notable because it took account of the emerging sector of online gambling, something many other legislatures across the world are still struggling to achieve.
Among its effects was to establish the Gambling Commission, a body responsible for issuing, and withdrawing, licenses to operators. At the time there were also plans to develop so-called “Super Casinos” in deprived areas in order to give them an economic boost. But, due to a number of factors, these plans never came to fruition. However, the stage was set for the gambling boom in the country.
What’s popular?
Today by far the most vibrant sector in the UK is online gambling, particularly online casinos.
There are so many of these operating that it’s given rise to a number of review sites where would-be players can find the best of UK casino sites, compare what they offer and even sign up there and then.
The online casino sites themselves are responsibly run. So, before any player is accepted identity and other checks called “Know Your Customer” are carried out. These are also designed to prevent online casinos from being used for money laundering by unscrupulous people and organisations.
Sport is another hugely popular area of betting in the UK. Football leads the way and events such as the UEFA Euro Championships this summer saw a 16% increase in the amounts being wagered.
Horse racing continues to be very popular for both betting on-course and remotely. Other sports like cricket, rugby and tennis also attract considerable interest.
The country’s national lottery is probably where most British get their experience of betting. Since its inception in 1994, it is estimated to have created well over 7000 millionaires as well as raising £48 billion for good causes in the UK.
Looking to the future
Despite the success of the 2005 Gambling Act in creating a safe, regulated environment for some time there have been calls for more reforms to reflect changing times.
The country’s previous Conservative Government published a White Paper in April 2023. This made several recommendations around regulation, marketing and other key areas.
It remains to be seen if the new Labour Government will carry these through or will launch their own reforms. However, early signs are that they have more pressing concerns to attend to.
But one fairly certain thing is that the popularity of gambling in the UK is set to rise. However, just how far remains to be seen.
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