With a wide range of new technologies and regulations coming on board, the UK online gambling market is expected to grow exponentially over the next few years. This article will explore the key predictions for the UK online gambling market in 2023, delving into the potential growth areas and what companies can expect to see in terms of market trends. We will also look at the impact of technology, regulation, and changing consumer preferences on the UK online gambling market, and how these will shape the industry in 2023.
Predicted growth of UK online gambling market
The growth in the UK online gambling market is driven by the increasing popularity of online gambling and a rise in consumer spending due to improvements in online gaming technology. Growing consumer preference for online gambling services and the increasing penetration of internet connectivity in the UK are also contributing factors to the predicted growth of the UK online gambling market. Additionally, the growing popularity of mobile gambling platforms is expected to drive growth in the future.
Potential growth areas
With the UK online gambling market expected to grow significantly over the next few years, there are a number of potential growth areas within the market that are set to benefit from this growth. One such area is the development of so-called “apps-based” gambling platforms, which are expected to gain traction in the UK market. With more people shifting to mobile as their preferred platform for accessing online gambling services, app-based gambling companies are trying to create mobile versions of their websites. These apps allow people to access their favourite wagers from the comfort of their tablet or phone. These apps could see significant growth in the UK online gambling market if they are successful in attracting more people to use them.
Impact of technology on the industry
The impact of the significant growth in online gambling on the innovative technology that powers the industry has been substantial. In recent years, the UK online gambling market has seen significant investment in the field of artificial intelligence (AI), which is expected to continue to drive innovation in the near future. New blockchain technologies are another area that is expected to see significant growth, with the UK online gambling market considered to be a significant driver behind their adoption. Blockchain technology has been used to power online gambling platforms, enabling them to overcome some of the inefficiencies associated with the centralized model of gambling. With the market for blockchain-powered online gambling becoming more competitive, expect the technology to remain a key factor driving growth in the UK online gambling market.
Impact of regulations on the industry
New regulatory frameworks, such as the Gambling Regulation Act, which came into effect in 2016, are set to shape the online gambling market over the next few years. With the law now defining online gambling as a form of “social responsibility,” online gambling companies will be expected to play a larger role in the prevention of gambling-related disorders. Companies will also be pressured to adopt responsible business practices as a means of staying within the new regulatory framework. Furthermore, with the development and implementation of new technical standards, such as RCRBE, an industry-wide technical standard for responsible gambling, companies are expected to work towards high standards of technical quality. Having high standards of technical quality will help to improve the gambling experience for consumers and make the market more attractive to investors.
Impact of changing consumer preferences
With the growth of e-commerce and online shopping, as well as the emergence of a younger generation of consumers, expectations are high that this trend will also be reflected in the online gambling market. Traditional online gaming platforms, such as online casinos and betting exchanges, are likely to experience a decline in popularity as more consumers turn to virtual platform providers. This is likely to be driven by a rise in the popularity of mobile gambling, particularly apps. As more people shift to mobile technology for accessing gambling services, online casinos are expected to see a decline in both traffic and revenue. This shift to a preference for mobile-based gambling could present a significant opportunity for companies offering apps that specialize in mobile gaming.
Market trends for 2023
Technology is expected to continue shaping the market for gambling services in the UK, with new blockchain-powered platforms and AI technologies expected to gain traction. New blockchain-powered platforms are already being developed, such as Dr Bet Casino, which is powered by the BLX protocol. Blockchain technology is also set to become a key driver of the responsible gambling market as it allows for tracking and verification of gaming activities. Changes in consumer preferences for online gambling are expected to continue a steady growth trend, with the market being driven by the rise of apps. This trend is likely to be further spurred by the increasing popularity of mobile technology.
Conclusion
The UK online gambling market is expected to grow significantly over the next few years. Growth is expected to be driven by the increasing number of people accessing online services, as well as the increasing popularity of mobile gambling platforms. New AI and blockchain technologies are also set to continue playing key roles in shaping the market.
