There is no doubt as to the fact that the UK is one of the largest gambling nations on the planet. Ever since it became legal in 1960, punters who are at least 18 years old and above have been placing their bets. And with the introduction of legal sports bookmakers online, everything is more convenient.
In the UK, punters can wager on many sports. It is stated that at least 70% of all its citizens that are old enough to bet participate in gambling.
Understanding the implications of legal online sports betting is also essential because it has contributed to the increasing growth of the country’s sports betting market. There has been a shift in the motivations and behaviours of punters, as can be seen in the figure below. More of them are more inclined to participate in online gambling because of the ease of use that it brings.
Because of this growing demand for online sports betting, many are trying to understand and learn how to bet on sports online. Moreover, this has also become one of the means in which the gambling industry can survive amidst the pandemic.
With lockdowns in place and sports events cancelled, it has clearly impacted the sports betting industry. There are no longer events that punters can bet on, which results in a loss of business for many bookmakers. In the UK, Google Trends has shown a rapid drop of interest in sports betting. The search interest is at the lowest level since the last five years, as stated by Julia Logan of IGB.
But, despite this dilemma, many operators are adapting to protect their revenues. In the figure above, Technavio states that the horse and sports betting market will likely experience steady growth. This is due to the increasing digital connectivity and rapid growth in the commercialization of sports betting. A prime example of this would be online gambling.
Safe to say the least, the pandemic has become a warning and a reminder for many bookmakers to be more vigilant and prepared. It has paved the way for more innovation and adaptation.
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