Sports betting and gambling has become a hugely popular pastime for millions of people across the UK. Every week hundreds of millions of pounds are wagered on sporting events and the national lottery.
Around 14 billion pounds is spent on gambling in the UK, and sports betting accounts for a sizable chunk of this revenue, with football betting making up the lion’s share of this revenue. Here we are going to look at a few of the reasons that sports betting is so popular these days, and just how much money Britons spend on sports betting in the United Kingdom every year.
Why Is Sports Betting So Popular?
Placing wagers on sporting events is as old as many sports are themselves, and perhaps even older. In the times of ancient Rome and the Roman Empire, placing wagers on gladiatorial combat was popular, and was a way for anyone from the elites of the society to the common man to make some extra money and have some fun.
These days, smartphone apps and websites make it easier than ever to place bets on just about any sporting event happening anywhere in the world. Simply by downloading a betting app and creating an account you can be betting on a football match in China or a cricket game in Sri Lanka in just a few minutes. This is perhaps one of the reasons it has become so popular; it is easier than ever to place bets on games.
Brick and mortar betting shops and bookmakers are still popular with punters, but the majority of the growth in the industry has been online and through apps. This suggests that technology has opened the door to sports gambling for many people who perhaps would not have gone into a high street bookmaker before.
Is It Only Sports Betting That Has Seen an Increase in Customers?
Many betting apps and websites also have a casino or slot machine area, and online casinos have also seen a huge increase in users over the last decade.
Brick and mortar casinos still account for a large portion of the United Kingdom’s gambling expenditure, but online casino gambling has given many people a way to gamble that wasn’t available to them before, and many gamblers prefer the convenience and privacy that comes from placing bets online rather than in person.
Sites like mobilbetslots.com have experienced a rise in players from the UK, joining the many users they have across the rest of Europe. It seems that online gambling is growing in popularity in every corner of the globe and shows no signs of slowing down.
How Much is Being Spent on Sports Gambling in the UK?
The total amount spent on gambling in the UK is around £14 billion per year and growing. The bulk of this is spent on National Lottery tickets and scratch cards.
Sports betting is about 7% of this £14 billion figure, which is over £900 million a year. This figure is also increasing every year and has actually seen a spike during the coronavirus lockdown. Sporting events have been impacted massively by social distancing and lockdown rules, and it seems that many spectators and sports fans have been spending some of the money they would normally spend going to the games on placing wagers on the games instead.
The industry expects that this rise will continue, not just as coronavirus related restrictions continue, but as more and more people experience the fun of sports betting. Most players place small stake wagers and see their sports betting as a way to make an event a little more fun and maybe make some extra money. This has made sports betting a competitor to lotteries and scratch cards in the gambling market, and this sector of the industry accounts for over 50% of the money spent on gambling every year. Bookmakers are keen to expand into this sector and have millions of players place a pound or two on a football accumulator instead of on a lottery ticket.
Sports betting is one of the fastest-growing sectors in the gambling industry and looks set to break records every year. With so many different ways to place bets on games, and the convenience of sports betting apps, it is easy to see why so many people are placing a bet on their favourite games.