BUSINESS/ENTERTAINMENT | Nov 19, 2021 | WOZINGA NEWS
The UK gaming industry has profited from cryptocurrency
- The UK gaming sector expects to be worth roughly 14.3 billion per year.
- Online gambling operations accounting for 38.6 percent of total revenue.
By Elah Mae Ariate Wozinga Staff
The United Kingdom has a strong passion for gaming. Therefore, according to the report, it is not surprising that the country’s online gambling sector and enterprises operating inside its jurisdiction have benefited from the use of cryptocurrencies.
Online gambling has become a popular activity for many people in the United Kingdom over the years. Also, with the business continuing to expand and get better at a rapid pace, it is only attracting more and more players with each passing year.
UK iGaming market is exceptionally strong
When looking at the number of gamblers in the UK business, figures show that the market is over 25 million strong, with 10.5 million of those flocking to online platforms. However, it would not be surprising to see that figure rise in the future.
There is a broad consensus that most gamblers in the UK are not necessarily tech-savvy. Many preferring the conventional store or casino experience.
However, while the 44-66-year-old age group remains the most populous. The 25-34-year-old age group is constantly growing.
Over a quarter of them (23.1 percent) gamble online each month, according to the report. With persons aged 35 to 54 years accounting for 22 percent of monthly online gambling.
UK gaming sector is expected to grow, with online gambling operations
Furthermore, the UK gambling sector expects to be worth roughly 14.3 billion per year. With online gambling operations accounting for 38.6 percent of total revenue.
Given its rapid expansion, the industry has continued to seek out new ways to stay up with changing trends. Cryptocurrency gambling being one of the most recent to emerge.
Indeed, with the UK Gambling Commission’s decision to prohibit the use of credit cards as a means of payment. It will preserve the interests of the broader market, many people have decided to shift to alternative payment methods, such as virtual currency.