The roots of gambling can be traced back to ancient time. Some researchers claim that this practice first appeared as early as 2,300 BCE. Thanks to modern technological innovations, wagering on the latest games and sporting events can be enjoyed with the click of a button.

Although brick-and-mortar establishments still abound, it is impossible to overstate the growth of the online gambling sector.

To put these observations into perspective, contemporary statistics suggest that a staggering 29 million adults across the United Kingdom regularly access the iGaming community (1). What are some of the reasons why online gaming has come to represent such a universally pervasive pastime throughout the United Kingdom?

Can global trends hint at where the industry may be headed? Are there any ancillary benefits that have already resulted from this incredible paradigm shift? Let's see what the experts have to say.

A Growing Acceptance of Online Casino Gaming as a Reputable Industry

It is first wise to examine this phenomenon from a macroscopic perspective. The United States can serve as a real-world "litmus test" for what the worldwide marketplace may expect to enjoy over the next few years.

This is also a rather interesting observation when we consider that the United States was rather averse to the notion of Internet gambling in general. One reason for such reticence involved the notion of "states' rights". As opposed to nations such as the United Kingdom, Spain, France, and Germany, each individual state determines its domestic regulations. In other words, there is (currently) no centralised regulatory framework that defines online gambling in America.

However, things have already begun to change. A recent white paper published by the American Psychiatric Association (APA) shows that more than one-quarter of Americans now regularly access online casinos (2). This was certainly not the case in the not-so-distant past, and practical metrics such as an increase in 5G Internet access are far from the only reasons for such a notable influx. To understand the "big picture", we will once again return to the current state of affairs in the United Kingdom.

More than a Single Factor

It would be a mistake to attribute the meteoric rise of online gambling across the UK to a single factor. This growth has instead been spurred on by a number of unique scenarios. Each will be described in greater detail immediately below.

Sheer Variety

Online gambling today is a far cry from what it was in the early 2000. With an incredible variety of options available, players now enjoy a far richer and more engaging experience. Take HighBet Casino, for instance, where players can indulge in everything from a vast collection of slots to live dealer games, along with a fully functional sportsbook, all topped off with generous welcome bonuses. This variety not only attracts even more players but also helps to breed loyalty over time. Indeed, as the saying goes, variety is the spice of life.

A Cultural Norm

Unlike some other regions of the world, the United Kingdom has always had an affinity for gambling. From placing wagers on horse racing events during Victorian times to adopting the latest fashion trends before attending a greyhound competition, even the royal family has enjoyed placing bets on occasion. Simply stated, gambling represents a part of British culture. The presence of quality online platforms has made these opportunities available to enthusiasts from all walks of life.

Advanced Regulatory Frameworks

Transparency can make all the difference in the world when it comes to virtual gambling. We are not only referring to the terms and conditions outlined by an online casino in this sense. Players need to know that ongoing operations are being overseen by a neutral third party. When discussing the United Kingdom, we are referring to the UKGC. Any casino wishing to obtain a domestic licence must follow rigid compliance guidelines, and adhere to all stipulations associated with GDPR regulations. Nothing is left to chance.

Employment Opportunities

Yet another knock-on effect that can be directly attributed to the UK iGaming sector is associated with individuals who possess discrete knowledge in a number of fields. Here are some typical examples:

  • Web3 development
  • HTML5 coding
  • SSL encryption
  • Programming languages such as Python and JavaScript
  • Social media marketing

Those who are able to display specific skill sets can often encounter lucrative employment opportunities; a tempting offer for a younger generation that is already keen to leverage the latest digital innovations (3).

The Emerging Role of Cryptocurrencies

Terms such as "crypto casino" would have seemed rather out of place a handful of years ago. However, these virtual establishments are quickly becoming commonplace. Cryptocurrencies such as Bitcoin, Etheruem, and Litecoin represent much more than niche investment opportunities. They have begun to enjoy a host of practical applications. The anonymous nature of the blockchain also makes them ideally suited for online gaming. When we then take into account rapid transactions, low fees, and numerous possible tokens, it becomes clear to understand why cryptocurrency-friendly casinos across the United Kingdom are expected to gain more clout in the future.

Additional Revenue Generation

The maturation of the UK online gambling community is clearly evident from a utilitarian perspective. To be clear, players who earn an income from online gaming are not subject to any type of capital gains tax. However, the establishments themselves are obliged to satisfy specific taxation guidelines (4).

This law was first enacted in 2001 by Prime Minister Gordon Brown, and it has represented a bedrock of the online gambling community ever since. The main goal is to provide the government with an additional source of income. Any liquidity derived from capital gains taxes can thereafter be funnelled directly back into various government initiatives.

One recent example involves a new levy that has been designed to benefit the NHS; specifically regarding mental health services associated with gambling addictions throughout minority UK communities. Funds derived from taxation can be used to expand existing operations, to perform additional research, and to help those who may require professional intervention.

Doing Away with Traditional Borders

The first fully functional online casino in the UK was launched by Microgaming in 1994, and the industry has been going strong ever since. It can even be argued that the United Kingdom served as a virtual "blueprint" that other regions and jurisdictions soon followed. This is why it is entirely fair to say that the UK marketplace may very well represent the birthplace of virtual gambling.

As we progress further into the 21st century, there is no doubt that this very same sense of momentum will continue. Although the player-oriented benefits are clear, it is just as important to emphasise the "big picture". The online gaming sector provides an invaluable source of revenue and it creates thousands of domestic employment opportunities. If the past is any viable judge, we can only assume that the coming years will usher in even more amazing opportunities. It will also be interesting to see if other countries such as the United States follow suit.

 

Sources:

 

1. https://gamblingindustrynews.com/online-casinos/uk/

2. https://www.psychiatry.org/news-room/news-releases/more-than-a-quarter-of-americans-gamble-online-dai

3. https://businesscloud.co.uk/news/why-uk-casino-industry-is-among-worlds-largest-online-gambling-markets/

4. https://taxscouts.com/blog/do-you-pay-taxes-on-gambling-winnings/