UK Gambling Revenue Hits New Record at £15bn Due to Rise in Online Slot Machine Use
The Gambling Commission announced new figures which highlight the increase in gambling revenue is due to the surge in online slot machine use. In the year to March 2023, the betting and gaming industry revenues reached £15.01 billion. This number includes the UK’s National Lottery, which accounted for just under £5 billion of this total.
The impact of the pandemic
One of the many things that the pandemic impacted was online gaming. During this period, online gambling reached a record figure of £4.01 billion, and the figure now sits at £4.03 billion, a new high for online slot machine use in the UK. In addition, during the pandemic the average spend on gambling products (excluding slots) was £36 per month, compared to £67 per month on slots.
The risk of online slot machine use
While online slot machine use in the UK is at a record high, the Gambling Commission says that figures show that those who use slot machines lose more money than those using other games.
But why are online slots becoming so popular and retaining this popularity long after the pandemic ended? There may be several reasons, including the ease of play. Players don’t need to be experienced to play or learn too much; they press a button and wait for the spinning reels to stop. Therefore, it’s an easy game to ‘pick up and put down’ if you don’t have much time, and there’s the thrill of the surprise as you wait for the result.
Lower spin limits
The UK government is currently considering online slots being limited to between £2 and £15, and their gambling white paper suggests that those gamblers who are under 25 years old may have stricter limits in place. Currently, online slots have no legal limits, but some operators have put voluntary limits in place.
Plus, the gaming experience replicates the real world but at home. There are appealing graphics, jackpots, free spins and sound technology. In addition, there can also be chat options online to make them more sociable.