The gambling industry is currently on a sharp upwards rise and has been ever since the advent of online gambling. This radical event changed the scene forever allowing for new customers, new business opportunities, and more profit. A total of £2.6 billion was contributed by the gambling industry towards the UK GDP which emphasises how integral gambling has become on our society. Articles exist that raise to light how unhealthy gambling can be on the consumer but also conversely many articles show how the economic effect the industry has is significant. But just how much is the gambling industry rising?
Since the first dealer rolled the dice, gambling has always been profitable due to its inherent concept. In a capitalist society, money is king, and gambling offers a way in which the lower classes can earn a respectable amount of money. That is the idea, of course. In practice, it’s a different story. The creation of the internet and smartphones has revolutionised the gambling world. Gamblers no longer had to travel to an actual building, they could do so from their own home. As a result, this led to an increase in time spent gambling and of course increased profit margins. This can be seen clearly by the figures. In 2009, the industry was worth approximately £16.5 billion. In 2017, that figure soared to £33.8 billion. This trend is no doubt due to an increase in popularity in gambling, facilitated by its online functionality.
Although online gambling is certainly responsible for a lot of the success the industry has seen in recent years, other factors exist that also contribute to these staggering figures. As revenue increases, gambling companies have stepped up their advertising game, plastering the world with adverts, billboards, and jingles. This can be seen most apparent through traditional betting companies such as Ladbrokes, Coral, and other bookies. Keeping in trend with the digital revolution, they have understood that digital is the way forward and their respective commercials and advertisements are not an uncommon sight. These kinds of companies typically use ‘new customer offers’ and ‘welcome bonuses’ to entice new gamblers in. The same is true for casinos. A collection of casinos with the best offers can be found at maximumcasinos.com.
Developing technology also has its place in why the gambling industry has grown in value. Aside from gambling becoming an online venture, other innovations have arisen that are likely to project the industry’s value even further. One of these new creations is the integration of blockchain technology into gambling operations. Blockchain is a database that has the benefit of being decentralised, meaning that transactions are free from outside manipulation. Consequently, this will increase consumer trust and lead to gambling profits rising even higher.
The gambling industry is set to rival the giants such as the music and film industry and has already proved itself as one of the major leaders in the retail and entertainment markets. Developing technology and a high frequency of advertisement will ensure the gambling industry continues its meteoric rise.