How Sports Betting Industry Developed Recently?
During the past few years, lots of changes happened to the online sports betting industry like; Online betting laws’ amendment in many countries. Rapid tech progress. Increase in E-Wallets usage. Growth of players’ confidence in sports betting. All these changes have led to the growth of this industry around the world!
One of the most important markets that have achieved great growth in recent years is the United Kingdom’s market. In this article, we will explain, in numbers, the growth that the UK sports betting industry in recent years.
Sports Betting Industry Value
Sports betting is an essential part of online gambling. During the period between October 2017 and September 2018. British bettors had wagered with 5.6 billion pounds sterling. Of this huge value, the sports betting share is 38.8%.
The UK is the largest market in the gambling industry. This is due to advanced legislation, the presence of the UKGC, and the online operators’ campaigns.
For example, there are a lot of football clubs that have sponsorship contracts with sports betting companies such as Stoke City.
The UKGC has provided detailed statistics for gambling industries growth from October 2018 to September 2019:
- Online casinos made a profit of £ 3.2 billion, up 3.9% from last year.
- Sports betting posted a profit of £ 2.1 billion, up 4.3% from a year ago.
- Online bingo has reached 198 million pounds, which means that it has increased by 12.5% compared to last year.
The Global Online Gambling Industry Value
According to justuk.club sports site, the online gambling industry has reached $ 70 billion. That is a tremendous growth compared to the industry’s value in the previous year, which was $60 billion. Certainly, this industry will develop further over the following years.
The European market controls 54% of this industry. while the Asian and Middle Eastern markets are ranked second with 12%. North America comes third with 12% as well. While the United Kingdom controls 15% of this industry; So, it is evident that the UK plays a major role in this industry! As it is larger than the markets of Asia, the Middle East, and the United States!
According to Statista, sports betting dominates the market with 81.3%. There are over 35 million accounts found on licensed sports betting sites in the United Kingdom.
In addition, the United Kingdom has the largest number of licensed casinos and sports betting sites, numbering over 100!
In fact, the United Kingdom was the first country in the world to take the online gambling industry seriously. Now it is reaping the benefits; as the sports betting operators’ taxes is the second source of income for the British government! Also, the UK is the first market any gambling operator would think of. Although the huge requirements of the UKGC, online casinos compete for obtaining its license!
Major Companies in the Online Gambling Industry
Despite the huge number of sports betting sites that launched recently. The main players, who dominate the market, are a few. These companies have managed, over many years, to build a strong reputation among players and legal commissions.
They also achieved fair profits, which enabled them to launch more sites and enter many markets around the world.
These sites offer betting services for football, volleyball, basketball, tennis, rugby, cricket, and other sports. In addition, they give you a chance to bet on virtual sports, eGames, and Oscar awards. The following are the most important companies operating in the global sports betting industry:
1. 888 Holdings
888 holdings is the most important companies in the online gambling industry! This company launched very early in 1997. Its first online casino, On Net, was the first online casino.
888 Holdings holds the UKGC. In addition to many other countries, such as Portugal, Germany, Italy, Cyprus, and Gibraltar. Also, it is the first company to obtain the New Jersey license.
888 Holdings owns several sites. The most notable one is the 888 Casino. Also, many other sites offer poker, bingo, lotto, and sports betting.
2. JVC Holdings
JVC Holdings is the main rival for 888 Holdings in the UK market and the world in general.
This company has a wide range of online casinos, sports betting sites, bingo portals and poker networks.
Among the company’s most important sites are Bwin, Party Poker, and Ladbrokes. JVC Holdings has also acquired some other sites. Such as Casino Club, Sportingbet and Betboo to increase their share in the gambling market.
After the US cancelled the PASPA law that was banning Americans from joining online gambling. JVC Holdings entered the US market. To be able to capture a large share in this market. It has partnered with MGM Resorts and has invested $200 million in this market since 2018.
3. William Hill
Can you believe that William Hill Corporation controls 30% of the UK gambling industry! In fact, this percentage makes it one of the largest gambling companies in the world. Even though it is only popular in the United Kingdom! The company’s annual profits in 2020 reached £ 51 million.
The William Hill site offers online casino games, sports betting, keno games, and bingo. In addition to being one of the main pillars of the online gambling industry. It is also one of the most prominent founders of the responsible gambling concept in the United Kingdom.
Bet365 is the world’s leading provider of sports betting and online casino games. This company was founded in 2001, now it is one of the largest companies operating in the online gambling industry!
Bet356 was the first company to offer a free live streaming service for sports matches. Also, it was the first company to offer virtual sports and eGames betting options. At the current time, the number of Bet365 customers reached 25 million.
The online gambling industry is evolving more than ever. Operators try to push the industry’s boundaries as far as possible by offering innovative options and alluring features. You can discover these companies products from their sites. However, the recent interest in online gambling comes with new challenges. For instance, The United Kingdom has warned a lot about the impact of the general lockdown on increasing compulsive gambling. As players are forced to sit indoors and cannot enjoy any of the fun activities except gambling via smartphone!
Also, the committee indicated that teenagers are at risk of gambling addiction. Since the internet doesn’t provide effective parental control methods.
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