The future of gambling
The global gambling industry continues to grow annually. Recent years have seen a huge boom in the sector, mostly due to the shift of gambling from casinos and betting shops to the online universe.
Particularly in the UK, where the regulations are fairly liberal, gambling can almost be considered a national pastime. Gambling now contributes around 30 billion GBP annually . As a nation, Britain has a long and convoluted relationship with gambling. Traditionally, gambling had a ‘class’ association, with the ‘upper’ classes favouring betting on horse racing and the ‘lower’ classes betting on more simple games, like dices. Latterly, the mid 1800s brought with it the prohibition of gambling amidst persistent beliefs that gambling was immoral, corrupt, and led to crime.
The modern era of the gambling industry that we recognise today really started from the 1960s, when new Royal Commissions were established to regulate the industry and increase government tax. This meant that betting shops became legal, becoming a firm fixture on high streets up and down the country. In 2005, with the introduction of the Gambling Bill, it then became legal to advertise gambling on TV. Adverts for casinos and sports betting are now so commonplace that there’s an entire generation who wouldn’t think that it was ever anything other than the norm.
Of course, the meteoric rise of the internet changed the shape of gambling forever. The first ever online casino was back in 1994, and online gambling now accounts for more than one third of total gambling revenue. The industry as a whole in the UK hit record levels towards the end of 2016, taking in a staggering 13.8 billion GBP in a year.
Mobile applications have added yet another dimension to gambling. Quite simply, apps have changed consumer behaviour, as users can now place bets from anywhere at any time. Online casinos and developers have been quick to capitalize on this, and the development of mobile apps in the sector is thriving. Mobile gaming apps now account for 20% of all active apps in the Apple store.
All signs certainly indicate that the nation’s love affair with gambling looks intent on staying. What does the future of gambling look like? Naturally, most will be online. The next big thing in the world of mobile gambling will be Virtual Reality gaming apps, opening the scope and creativity of gambling as well as enticing a younger generation. It’s estimated that VR gambling will see a growth of an astonishing 800% by 2021. Of course, the trend isn’t quite mainstream yet – VR equipment is still relatively expensive and there is still a fairly limited amount of VR casino games on the market.
The prevalence and popularity of gambling seems to be deeply embedded in British culture. The value of the UK regulations surrounding gambling has allowed it to flourish, particularly in the past decade. As technology progresses, the challenge for both consumers and the Government will be to stay up to date with an ever-changing gambling landscape to ensure the continued enjoyment and success of the industry.