The COVID-19 pandemic has changed the world. It has changed everything and anything. One of the things that are changing and were changed dramatically is the gambling industry. As such, we can see the review of the gambling industry in the United Kingdom. Below we are going to discuss the matter and explain all the facts you need to know.
Massive Increase In Gambling Popularity
In the past 20 years, the gambling harm has been 0.5%. This is something all gamblers know and something that wasn’t known for changing dramatically. But, in the latest period of time, during the pandemic, the increase was noted. See, during the lockdowns, the physical gambling and betting establishments were closed. But, players found that online they can place bets and gamble as well.
The online increase in popularity was massive at 124% and this was noticed during the first lockdown. There are many online casinos not licensed in the United Kingdom that reported a gigantic increase in popularity and it continues growing. Other brands that measured the massive increase were 888 Holdings, Rank Group, Gamesys, and many others. An interesting fact is that the CEO Denise Coates has a salary of £421 million per year and this is one of the best–paid bosses in the world.
At the same time, GamStop and similar platforms have reported that the number of players suffering from gambling problems or related issues is in the increase as well. More gamblers mean more people with gambling issues.
This trend is going to last and we even believe that it is going to remain active and present after the pandemic. The reasons are obvious. People will adapt more to online gambling and they will want to enjoy more and for a longer period of time.
Gambling Act 2005 Review
The review of the Gambling Act 2005 that has been extremely important in the United Kingdom is active at the moment. Problem gaming in the United Kingdom and other countries is a very common issue, so it is important to innovate this act and implement independent casino technologies. The Gambling Act review should find multiple ways and methods in which companies can claim and attract new players and bettors but at the same time can protect people who are at the highest risk of developing gambling addiction or anything similar.
The gambling industry is one of those that bring a lot of revenue per year to the country. As such the country should be flexible and should take into account this fact. The gambling industry is massive and profitable all over the world and the United Kingdom is no different. The new rules and regulations should be flexible and should help iGaming businesses but at the same time should make sure that gamblers and bettors can enjoy this hobby.
BGC or Betting and Gaming Council are doing a lot of things to help players who are at risk and who need to prevent further problems. The council gave £10 million to the Young People’s Gambling Harm Prevention scheme which is impressive and should have a lot of positive effects. But, even better is that the same council has offered £100 million to the year 2024 which should be used on services that can be used by gamblers who are at risk of developing gambling addiction and who need help right now. All of this will have to be well-balanced. This means that the rules and regulations must be paired with a limit and understanding that players still need and want to have a lot of fun. They need this and they want to be free to gamble online and in the real world. At the moment, online gambling and betting are more appealing and more beneficial due to the pandemic and countless related issues.
Gamban Has Something to Say As Well
According to Matt Zarb-Cousin, one of the founders of Gamban, the reason for more gamblers is obvious. They are unable to place bets and gamble in the real world due to the pandemic. They have to do it online. A lot of sports events were cancelled as well so bettors are unable to place bets on the sports. But, they can still gamble. Most of them have moved to online slots and table games. Gamban even added crypto platforms in its database, because now it become a popular option among players. This is a more intense gambling option and the one that is more appealing for some people.
Keep in mind that companies that offer gambling among other options and services will generate 86% of the total GGY from gambling only. In a nutshell, gambling is extremely profitable for companies and they will want and need more players to accommodate. Now they can do it online due to the pandemic.
The Final Word
The pandemic has been changing the whole world more than you can imagine. It is something that will continue to change as we speak and something that will last indefinitely. It is also something that each country should adapt to more and as soon as possible. The United Kingdom is doing just that. They do everything for helping players with issues and always try to improve their services. Also, we can follow many safety apps that were released for players. They are extremely focused on the connection between the gambler’s protection and the freedom players and gamblers deserve.