UK online gambling gross profit growth reaches new heights
Date: 2024-05-01 Author: Leon Pierce Categories: EVENTS
Gross online gambling revenue (GGY) in the UK continues to show strong growth, reaching a record £1.36 billion in the fourth quarter, according to the Gambling Commission. This growth comes amid an increase in the number of bets and spins, confirming the dynamic development of online gambling in the country.
GGY growth in the fourth quarter
Figures published by the Gambling Commission show a 5% increase in gross profits from online gambling in the UK compared to the same period the previous year. The GGY total was £1.36 billion, up £65 million on last year.
Growth of the slot machine segment
The main contributor to gross profit growth was the slot machine segment. GGY for the segment reached £614 million in the fourth quarter, marking 11% year-on-year growth. March was the best-performing month, with total revenue of £220.4 million.
Betting on real events
Bets on real events also showed strong growth. Online GGY in the sector was £565 million, up 2% on the previous year. Despite a 6% decrease in the number of bets, overall profits continue to grow, indicating the stable interest of players in this type of gambling entertainment.
Other online gambling segments
Apart from slot machines and live betting, other online gambling segments have also seen growth. Gross profits from online casinos reached £147.4 million and from online poker £15.1 million. Despite this, overall offline gambling gross profit decreased by 3%, mainly due to a decrease in the number of machine bets.
Gambling Commission data shows steady growth in online gambling in the UK. The increase in gross profit and player activity confirms the steady interest in gambling, which opens up new prospects for the industry and brings significant revenue to the country’s economy.
