Online gross gambling yield (GGY) in Great Britain has seen a notable rise, hitting the £1.30bn mark in the fourth quarter. According to the Gambling Commission’s recent report, this 5% year-on-year increase can be attributed to several key factors, suggesting an upswing in the country’s online betting fervour.
The increase in GGY was largely driven by a surge in real event betting and slots, according to the Gambling Commission. Its report also highlighted an uptick in the total number of bets placed, spins made, and average monthly active accounts, painting a picture of an active and engaged betting community.
In particular, online real event betting rose a significant 13% to £555m. “The popularity of the Cheltenham Festival and player retention from the 2022 Fifa World Cup late last year” was a major driver of this growth, according to the Commission.
Online Slots and Land-Based Success
In tandem with real event betting, online slots experienced a modest 2% increase in GGY, reaching £525m. This growth was bolstered by a 9% rise in spins, hitting a staggering 19.5 billion, and a 15% increase in average monthly active accounts, reaching 3.9 million.
However, it’s not all digital triumphs. The GGY for online casinos, virtual betting, and online poker dipped slightly. Conversely, esports betting held steady at £2m.
Land-based activity isn’t being left in the dust either. Total GGY in this sector saw a year-on-year growth of 6%, reaching £585m. Among the contributors to this growth were gaming machines, which enjoyed a 5% rise in GGY, and self-service betting terminals, which saw an impressive 28% hike in GGY.
British Online Gambling Yield Soaring: Implications for the iGaming Industry
The industry’s thriving landscape, as illustrated by these figures, carries several key implications:
- The sustained growth in online real event betting and slots suggests a strong consumer preference for these forms of gambling. This could inform future product development and marketing strategies and trends in the industry.
- The contrasting dips in certain online sectors highlight the need for diversification and innovation in product offerings. With dynamic customer preferences, igaming providers must continually adapt to stay relevant.
- The growth in land-based gambling reveals a continuing market for traditional betting forms. This suggests that a holistic approach, balancing online innovation with the preservation of traditional formats, may be beneficial for operators in the industry.