Revenue News From UKGC

‘UKGC November Revenue News & Calls For Regulatory Replacement!’ (image source: unsplash.com/)

The UKGC released the latest figures for online gambling in the UK while at the same time one British MP calls for the removal of the regulatory board!

In the UK betting market, it is still business as usual, but the last few months have had their fair share of twists and turns along the way. With new ‘safer gambling’ regulations still under review and successfully evolving, a disgruntled MP, and the return of live sports mustering up a sports betting frenzy, this is a gambling market that is often confusing, and as such never ceases to make the headlines.

November shows a 29% rise in UK online gambling yield from October

On the brighter side of things, the UK gambling market is alive and kicking in the right direction, keeping jobs afloat and stirring up much-needed tax revenue in such unpredictable times. The total revenue for November hit £524 million, crushing October’s lowly figures with what is a remarkable 29% rise!

  • Online Casinos: Online table games from online casinos made up for over £50 million of the revenue increasing 10% since October. The UK gambling market has seen a stark rise in live casino table gaming thanks to the continued efforts of Evolution, the rise of Pragmatic Play, and the resurgence of Playtech Live. Playtech also announced that it will now officially register the company in the UK as part of its taxation strategy.
  • Sports Betting: Of that total, £290 million came from the newly revived sports betting market making up for 55%. Over the month there was a 12% rise in betting and 7% more new player sign-ups compared to the previous month.
  • Online Video Slots: Online slots made up for an enormous slice of the pie too, with £172.5 million spent on spinning the reels! This number is up 10% from October and is likely because of the aggressive release of new slots in time for the festive holidays; a trademark trend for this time of the year!
  • Other Markets: £11.5 million of the UK’s online gambling market came via virtual sports betting, which a rose 9% from the previous month, and online poker. Virtual sports betting’s popularity rose thanks to new innovations from companies such as BetConstruct and because of the lack of sports betting which gave sports betting fans the option to try their hand at virtual sports.

Duncan Smith MP calls for UKGC shutdown

There is no end to UK MP, and former leader of the Conservative party, Duncan Smith’s mission to shut the UKGC down and bring in a private regulatory board. He is unhappy with the way the UKGC handles regulating the UK gambling market and make reference to its relationship with GVC Holdings.

At the beginning of the year, the UKGC consulted GVC Holdings in regard to ‘code of conduct’ for VIP customers to the disgrace of the MP who said that VIP programs should be eradicated. He came up with an obscure figure in his argument saying that 60% of all profits from gambling come from 5% of gamblers. We are not sure why the 100% figure has not been used, but it seems like an obscure number may be rounded off for ease of understanding.

Despite Duncan Smith’s claims, UKGC November revenue is up, and the UK online gambling is still showing growth and increasing the amount the UK government receives from the industry’s tax revenues. It is also holding up the UK gambling industry as a whole as land-based casinos in the country continue to count the cost of closures.

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