When it comes to betting on sports, the US and the UK are, respectively, the largest and second-largest betting markets. Both of these locations are well-known for hosting the most active gambling action, which puts them in direct competition with one another.
However, the UK has significantly overtaken the US. Here’s why.
The Growth Of The UK Sports Betting Market
Gambling has played an essential role in the culture of the UK for hundreds of years, and it is still a popular hobby in the country. The gambling industry in the UK has become very creative, competitive, and diverse in recent decades. Below, we’ve included some of the most significant improvements it has made over the years.
The market for online betting and gambling has been one of the sectors of the industry which has expanded at a rate that ranks among the highest over the course of the past ten years.
The number of people gambling online has skyrocketed in recent years. Between April 2018 and March 2020, the growth rate of online casino gaming was approximately 4%, while the growth rate of online sports betting was approximately 15.5%.
Hard to believe sports betting has so greatly overtaken the massively famous industry of online casinos, isn’t it? These are incredibly significant leaps in popularity, and the industry truly shows no indications of slowing down for sports betting.
When it comes to locating a provider of betting services in the UK, choices abound, both online and in physical formats, and bettors have an array of choices. There are as many as 500 online UK sportsbooks, giving gamblers the opportunity to place wagers on a wide variety of sporting events.
The vast majority of online sportsbooks in the UK include betting on a variety of traditional favorites such as football, basketball, and tennis, in addition to less conventional wagering possibilities such as handball and ice hockey. The possibilities are endless.
Users now have the option of choosing from hundreds of different UK betting sites, all of which are competing for the interest of the same new customers in the UK. Bettors have access to a wide variety of sporting events to bet on worldwide, tremendous odds, generous bonuses, and ease of use as they make use of the most modern technologies introduced to us.
Sports Betting Is Dominating The Market
It is important to conduct a more in-depth investigation into the betting sector in the UK in order to gain a better understanding of the market dynamics at play and the direction in which the online sports betting industry is heading.
Bets placed on sporting events make up a significant portion of the overall market for online gambling, and this sector is experiencing rapid expansion year after year.
Football bets account for approximately 48.4% of the total market share in the sports betting industry. After football, horse racing and steeplechase events account for around 28% of total sports wagers placed in the UK.
Following the horses comes a bit of a surprise with tennis, which accounts for 5% of the GGY, while dog-related events and races account for 3.1% of the GGY, while golf contributes another 0.7% towards the GGY. An accumulation of points from a variety of other sports accounts for an additional 9.7 percent of the GGY.
It is fascinating to observe how the past year has contributed to the rise in popularity of a whole new sport: virtual sports and events. A great number of individuals who, in the past, would not have watched or even considered participating in esports betting has all of a sudden found themselves cheering for particular teams, placing bets on a favorite player of theirs, and paying close attention to particular video games.
Despite the fact that the esports sector is still in its early stages, it is a promising industry that is expected to expand exponentially over the course of the next decade.
UK’s Sports Betting Laws
Since 1961, people in the UK have been able to participate in betting on sports in conformity with the law. The UK was one of the first countries to see the economic potential of the sports betting industry, and it currently boasts some of the best legislative structures out of every nation, which currently permits legally sanctioned sports betting.
Sports betting in the UK overtakes any European nation. Many sportsbooks can advertise their business and odds with ease, thanks to minimal legalization. In the UK, unlike the majority of states in the US, betting on sports online is not only completely legal but also one of the finest ways to get in on all the fun.
You can get the finest betting lines for major leagues no matter where you are in the UK as long as you have access to the internet. Putting in the effort of making a trip to an actual sportsbook in order to place a wager is no longer necessary.
Just like everyone wants to find a perfect relationship online, people want to find perfect sports betting opportunities online. Thankfully, the UK is currently home to over 500 online sportsbooks which are active.
The UK has been and continues to be a significant player in the field of mobile and online sports betting, and it is also continuing to provide all sports bettors with the finest odds which are currently available.