Record high revenue
Online slot machines are behind the surge in gambling revenue in the UK, according to figures from the Gambling Commission.
Revenue for the betting and gaming industry reached £15.01bn ($19bn) in the year to March 2023. Excluding the UK’s National Lottery, that number was £10.95bn ($13.85bn). The rise in revenue follows after COVID-19 hit the gambling industry, forcing the cancellation of many sporting events and the closure of casinos and betting shops.
many bettors turned to online gambling
As a result, many bettors turned to online gambling. This was noted by the fact that during the pandemic to the end of March 2021, revenue from online gaming reached a record of £4.01bn ($5.07bn). That figure has now reached a new high of, £4.03bn ($5.10bn).
Figures from the Gambling Commission show that slot machine players lose more money than those who play other games. During the pandemic, the average slot spend was £67 ($84) per month compared to £36 ($45) per month on other gambling products and £45 ($56) on real event gambling.
Lower spin limits
The figures from the Gambling Commission come when the UK government is considering limiting online slot spins to between £2 ($2.53) and £15 ($18.97). Gamblers under the age of 25 are likely to be subject to a more stringent limit, as per the government’s gambling white paper.
Up to this point, there has been no statutory limit for online slots but some operators, such as Flutter Entertainment, have introduced voluntary limits.
engineered to prolong play, exploit decision-making, and generate unafforable losses”
Dr. Matt Gaskell, who runs the NHS Northern Gambling Service, said that online slots are “engineered to prolong play, exploit decision-making, and generate unaffordable losses. It’s a common issue in our clinics.”
Problem gambling in the UK
With the UK experiencing a rise in problem gambling, London’s Mayor has been called on to ban “harmful gambling advertisements” on the Transport for London (TfL).
During his election campaign in 2021, London Mayor Sadiq Khan promised to instruct the TfL to “bring forward plans to extend the ban to harmful gambling advertisements on the network.” He has yet to do this, supposedly because the government hasn’t defined what constitutes harmful gambling.
Calls for a ban on gambling advertising in the UK come as the country’s problem gambling rate could be significantly higher than the previous 0.3 percent estimate. A new study published by the UK Gambling Commission (UKGC) has revealed Great Britain’s problem gambling rate could be eight times higher than previously thought.
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- Source: https://www.vegasslotsonline.com/news/2023/12/01/rise-in-online-slot-machines-pushes-uk-gambling-revenue-to-new-record-at-15bn/
