THE United Kingdom’s gambling revenue dropped by 13.6% at the end of June, continuing a disappointing year for the British gambling industry. The dwindling gambling revenue is attributed to new gambling reform on the horizon, low enthusiasm, and inactivity of many gamblers as they look to save money amid the rising energy prices and inflation rate.
UK Gambling Revenue Dropped by 13.6% in June
The United Kingdom Gambling Commission (UKGC) is the apex gambling body in the UK. When it talks, everyone listens, and when it publishes, everyone reads.
UKGC reported that £370.2m was generated from gambling in June (which is a 13.6% loss from the previous month). The June revenue steeply declined, considering that January revenue was 20% more. However, it is still far better than March, which recorded the lowest revenue in 2022.
The report further showed that online slot revenue dropped to £179.1m in June (a 17% loss compared to May). However, sports betting took the heaviest blow of the lot, with revenue dropping abysmally to £158.57m (22.6% loss)
Virtual sports betting brought in a trivial £3.8m, and online poker recorded revenue of £65.7m
What’s more, even though land-based gambling was not spared, brick-and-mortar gambling thrived far better than its online counterpart.
Revenue from over-the-counter bets came in at £62.4m, and only £94.6m was realized from physical betting shops. The cold feet developed by bettors toward self-service betting continue to be more pronounced and saw its revenue drop by a staggering 26.25% compared to May 2022.
The second Quarter Was A Relief
Despite a horrible start and end, Q2 delivered a higher revenue than Q1. The total revenue made across all gambling verticals at the end of Quarter 2 stood at £1.2billion, which is a 1% increment compared to Q1
This was all thanks to improvement in slots and esports revenue. Although the average time spent on slot sites was shorter in Q2, slots continued to be one of the most popular casino games as the number of people who played online slots for over 1hr increased within that period. So, it was no surprise that Q2 slot revenue was 4% higher than that of Q1
Despite being underrated, Esports continue to be one of the fastest growing betting options, with the sector bringing in a revenue of £924,300 in June alone.
Online poker and sports betting continue their unimpressive run, with both markets posting a combined loss of 7.5% in Q2.
Third Quarter Expected To Be Better
Quarter 2 is slow because most professional sports are always on hold during this period. However, as top-flight sports tournaments commence in Q3, more and more gamblers will continue to wager on their favourite sport bringing in more sports betting revenue. Learn more with casinohawks.com about gambling odds and everything that has to do with sports betting
As the post-pandemic economic downturn eases, the cost of living is also expected to improve, increasing gamblers’ excitement. The highly anticipated gambling reform which will steer the course of the UK gambling space for the next decade is also expected, presumably by September.
All things being equal, the commencement of global sporting events and the release of a new gambling legislature are expected to increase online gambling revenue in Q3.