With an industry that has barely been out of the news over the last few years, it seems profits in the online gambling sector are on the increase in the UK, despite new legislation from UK Gambling Commission, with the aim to protect vulnerable gamblers.In general, the retail side of gambling has taken a hit, where the online sector is rising according to Mays figures produced by the UK Gambling Commission (UKGC). The Gross Gambling Yield (GGY) for October 2018 to September 2018 was £14.5bn, with the online side of the sector bringing in £5.6bn. The market share has also seen an increase by 1.2% up to 39%.
Online Gambling Growth Continues
Director for Industry for the UK Gambling Commission had said, although they have seen a decline across the wider gambling sector, online gambling continues it’s growth, they vow to continue to work closely to raise standards across the gambling industry.“ Following our comprehensive review of the online gambling sector in 2018, this year we have implemented new rules to strengthen age and ID verification checks and we’ve also been working with partners in financial institutions to develop the role they can play to protect vulnerable consumers.“ Last month we published the new national strategy to reduce gambling harms which has a renewed focus on plans to widen research, take a preventative approach to gambling harms, assess treatment provision, embed a culture of evaluation, and encourage industry to collaborate to make gambling safer.”