The Online casino has become extremely popular in the United Kingdom. Observers find it difficult to pinpoint the exact time when it started to take off there, but it is regarded as a high growth industry.
The UK is one of the countries that are at the forefront in embracing casino gaming right now, both online and in the real world. The question is whether the UK Online casino industry is set to grow.
The forecasts for the UK Online Casino industry
The online casino industry is booming in virtually every part of the world. Its estimated global value last year was $57 billion and all of the forecasts for the upcoming decade are for continued impressive growth. Casino games slightly differ from others as it’s a bit trickier to track the individual sales, the only way of tracking is purely through revenue, whereas a football game can be tracked via copies sold.
By the year 2030, current forecasts suggest that the revenues for the industry will have hit $153 billion, which would mean annual growth of 11.7% between now and then. This is clearly a sector that is on the rise then, but what does that mean for online casino in the UK in particular?
Well, although all parts of the world are contributing to its expansion, the fastest online casino growth is happening in Europe. From now to 2030, the European share of this market is expected to rise by a Compound Annual Growth Rate (CAGR) of 12%.
All of the available figures indicate that the UK is a big part of the reason for that. When we project ahead to the market share for that country between now and 2026, we find there is a $2.86 billion rise expected to take place during that period.
That would mean 5.25% CAGR in that time. There is no question that all of the existing evidence points providers enjoying continued growth during the next few years.
The UK online gambling sector is worth around $16.5 billion per year in 2022, so even if online casinos only account for a slice of that it is still a lot of money.
What is driving the growth of this industry?
If we can say with something close to certainty that the online casino industry in the UK will continue to grow at least for the next decade, we must ask what is making that possible. Innovative products like this keno game are ensuring that players continue to come back for more. This is not a particularly positive time for the economy of that country as a whole, but online casino appears immune to wider economic trends.
There are a number of factors that favor the UK Online casino industry, both right now and in the coming years that are expected to help it to keep expanding its reach.
Mobile casino
The current era is described as being one of ‘liquid modernity’ with technology driving much of that flux. Online casinos are proving better than most at adapting to it.
Around 87% of UK citizens have a Smartphone as of 2022 with companies like Apple constantly innovating and making gaming on devices an enjoyable and accessible pastime. Online casinos have developed apps designed to function perfectly on mobile phones with the intention of taking advantage of the rise of mobile usage. They are now capturing a sizeable portion of the mobile gaming consumer base as a result.
Live casino streaming
One barrier to the growth of online casino in the past was that many people found the experience somewhat impersonal. The UK has a long tradition of real-world casinos and digital ones were unable to compete with the attraction of visiting one of them for a night out.
The addition of live video streaming has changed that though. This provides much of the human interaction and atmosphere of a bricks and mortar casino and means that people can compete in poker tournaments or play blackjack against a human dealer.
It is a big contributor to casino growth. Online casinos have benefited from it because it replicates the more appealing aspects of going out to a casino while retaining the comfort and convenience that have always been prime selling points of playing over the internet.
Bonuses
Online casinos are able to offer bonuses to players that they do not get when they play something like an survival game online. This process starts from the moment a player signs up and the welcome bonus often allows them to start playing the games with free money.
After that, loyalty schemes help to keep players on board. Although it costs the online casinos money in the short term, in the longer term the customers they gain and retain make it financially rewarding for them.
The prodigious growth of the UK online casino industry is due to these sites improving their offerings to customers, which makes it almost certain to continue.