An Outlook For UK’s Gambling Industry in 2023By Angelica Malin

Surprisingly, in 2022, Brits’ gambling rate reached a staggering 43%, with males particularly indulging more than females – 45% compared to 42%. Interestingly, this percentage even surpasses the record high set back in 2016 when 48% of people admitted to having gambled at least once. Unquestionably, the National Lottery reigns supreme as Britain’s most beloved type of gambling- with 27% of citizens playing it in 2022. Scratchcards and sports betting trail behind at 10% and 5%, respectively. Out of all online gaming activities, slot machines occupy the 6th spot with a 3.4% share in the market, while casino games take up a tenth place at 0.8%.

The game of Poker holds a special place in the hearts of many British citizens. A nice game of poker on the weekend is a popular hobby for UK residents.  As such, it’s no surprise that the UK Gambling Commission has shifted to regulate and standardise the industry. These laws ensure fair play and responsible gaming for all players in both online and offline environments.

The UK government has taken a number of steps to regulate and tax the gambling industry in order to limit its negative effects. For instance, as of 2013, all gaming companies are required to pay a 15% point-of-consumption tax on gross profits generated from British customers. Additionally, online casinos located outside the UK must pay an annual license fee that amounts to up to £300,000 in order to operate legally within the country’s borders.

Looking ahead to 2023, it is certain that more legislative changes will be implemented in order to protect players and keep the gambling market under control. Increased transparency of betting odds and limits on advertising are just some of the measures planned by policymakers in this regard.

What is expected for the gambling industry in 2023?

Prominent European associations anticipate that the gambling industry will continue to steadily expand in 2023, with an average growth rate of 7% and a remarkable 34% boost in international gambling industry revenues. Companies trying to stay ahead of the curve need reliable tools.

Creativity has forever defined the online gaming industry, and 2023 is no exception. Due to the overwhelming enthusiasm for iGaming nowadays, creating unique experiences for players will remain a priority this year.

The digitalization of the gambling industry

The gambling industry is undergoing a digital revolution, unlocking an array of unprecedented possibilities. As technology continues to introduce limitless possibilities, it’s unmistakable that this sector will be absolutely mesmerizing. Each day brings more revolutionary inventions which furthers its potential for greatness.

2023 is going to be marked by the following major trends in the industry:

New payment ecosystem

In November 2022, when the FTX international exchange toppled to its knees for a week of pandemonium, many crypto experts believe that investor enthusiasm in cryptocurrency transactions will wane. But perhaps their worry is unfounded: players are already accustomed to using e-wallets, and cryptocurrencies continue to expand across the globe. Those who have already embraced cryptocurrency are unlikely to move away from it, given the privacy it provides. This anonymity is highly sought after, and, as a result, people seem unwilling to abandon crypto in favor of cash payments. Consequently, cryptocurrency is likely to stay, though Bitcoin may give rise to other digital currencies.

Mobile formats

Online gamers and bettors alike love having all the necessary tools at their fingertips on their smartphones. With up to 30% of all inquiries coming from new customers on mobile, those who possess classic land-based casinos have an alluring opportunity to tap into a burgeoning audience of digital natives.

New types of games 

To stay in the game, providers must create innovative new types of slots and other games. Merely offering the same old casino games won’t be enough. By the end of the year, Aviatrix will reveal the chance for players to express creativity through NFT integration with its debut of a customizable NFT token in an interactive crash game.

Live dealer games updated

Although the pandemic influenced many people to switch from in-person gaming to a virtual experience. It’s predicted that live dealer games will remain popular even after lockdown restrictions have been lifted and life resumes its usual pace. Live dealers at online casinos are becoming increasingly popular, as players tend to trust them more than the random number generator (RNG). This presents a unique opportunity for global outreach and building an online presence for land-based casino owners. Moreover, it also allows individual game elements, such as tables and chips, to be branded according to your preferences. Hence investing in live dealer technology enables you to get ahead of the competition.

Stream betting

Industry professionals foresee a flourishing future for this trend. This solution could enhance players’ trust in esports while also making the stream game format highly sought after.

Firstly, we can expect virtual casinos to appear within the metaverse, which is already becoming a reality as some organizations are renting space for such a solution. It is no surprise that virtual reality products have become a major attraction in the gambling industry. A multitude of startups are developing cutting-edge solutions to meet this new demand, and the potential possibilities here seem limitless. With this trend already underway, it’s safe to say that VR will be making a big impact on the market very soon.

Conclusion

In summary, the gambling industry is poised for major changes in the coming years. We can expect to see new payment systems, mobile formats, and a range of innovative new games and technologies entering the market. Whether you’re an existing casino owner or looking to enter this sector, many exciting opportunities are ahead. With its worldwide reach and growing popularity among millennials and digital natives, this sector shows no signs of slowing down anytime soon. So be sure to stay tuned for updates on these trends as we move into 2023!