In recent years, the gambling industry has grown very actively in the UK. It significantly affects the economy of the country and the mentality of the people. We can safely say that online casinos have become an integral part of the life of the population of the United Kingdom. In support of this, let's take a look at the statistics provided by an organization called Statista.
Latest data
In 2020, approximately 32% of Britons gambled once a week and about 30% of the population spent time gambling once a month. At the same time, polls show that 22% of British residents set aside time for this activity at least twice a week.
With regard to betting, which is a form of gambling, the statistics are as follows: 35% of Britons place their bets once a week, while almost 29% - once a month. About 25% of the UK population is fond of betting 2 times a week or more.
Development of online gambling in the UK
It all started in 1994 when Microgaming launched the first online casino. At that time, its attendance was quite low, which was quite expected, as players were still adapting to the virtual world. Later, Cryptologic also began attracting casino enthusiasts by offering them a special transaction system. At that time, many new features became available and players benefited greatly from this system.
The beginning of the 21st century marked the rapid expansion of the Internet around the world. It was the transition to virtual reality that became the key moment that British online casinos took advantage of. Once everyone understood the benefits the Internet could bring to business, investors developed a significant interest in online casinos, which led to their rapid expansion in the 2000s.
In a competitive environment, many casinos have started offering huge bonuses to new customers. They also started implementing loyalty programs for their existing customers. The software used to operate online casinos has also begun to be regularly updated to keep up with modern technologies. Site owners started adding features more often to attract more customers.
Now, to increase the popularity and accelerate the growth of online casinos in the UK, developers have begun to include, among others, themed slots, progressive jackpots and multiplayer casino games.
UK gambling regulation
The UK government strictly controls the gambling industry. The conduct of gambling is regulated by a special commission, which is guided by an act issued by the Parliament in 2005. This act provides for a system of laws according to which this industry should function. In general, the existence of clear rules has led to the fact that there are now many casino review sites link in the UK with a variety of playing conditions, ranging from casinosters.com with low deposits of £ 5 to casinos for players with very large amounts. UK legislation reliably protects gamblers, so most people feel free to trust organizations that offer their services in this sector.
The impact of online gambling on the economy. British experience
The Gambling Law, passed in 2014, has significantly improved the gaming experience for both players and the general population of the country. One of the biggest changes to this law has been the introduction of a 15% tax on all profits earned from rates. In fact, this tax works in favor of the players because they no longer have to pay tax on their winnings. At the same time, this tax ensures that the UK economy benefits from the strong growth of the industry, and to some extent justifies its controversial nature. The introduction of the law has also resulted in a generally more favorable public perception of gambling due to the amount of tax revenue generated.
Moreover, the rapid growth in the number of online gambling platforms requires a large number of service personnel. This attracts specialists to the sector and creates a huge number of vacancies. Thus, the population of the country becomes employed and the unemployment rate decreases. It follows that online gambling helps to strengthen the UK economy and contribute to the financial prosperity of its inhabitants.
Prospects for online gambling in Ukraine
At the moment, the online gambling market is just beginning to develop actively in Ukraine. And although it cannot yet be said that it will reach the peak of its prosperity in the near future, we can observe a positive upward trend.
In this regard, it makes sense to adopt the experience of other countries, in particular the UK, in order to create a perfect system with a minimum of flaws. For example, you can use the legislative developments of the United Kingdom to improve the legal framework in our country. Also, the practice of taxation common in Britain can serve as an excellent basis for the formation of a system of tax regulation of online gambling in Ukraine.
Conclusions
Gambling, especially online casinos, has long been a part of the daily life of many people in the UK. One of the huge advantages of online gambling is that it is open to modern innovations. Developers are constantly inventing new features to attract more customers. Therefore, the total number of people who are addicted to online gambling continues to grow. Due to the high degree of development of the gambling industry in Britain, Ukrainians have every chance to build a successful business, adopting foreign experience, the features of which are described above.