Online casinos will add $7.10B a year to the British economy by 2029, according to market data
The post Online casinos will add $7.10B a year to the British economy by 2029, according to market data appeared on BitcoinEthereumNews.com.
UK online casino sector to grow from $6.47B to $7.10B annually by 2029 UK leads globally in online casino revenue, surpassing the US in 2024 Cryptocurrency adoption boosts UK online casino growth and user engagement. The online casino industry in the United Kingdom is set to experience significant growth over the next five years. Currently generating an impressive $6.47 billion annually, market projections indicate that this figure will rise to $7.10 billion a year by 2029. This growth underscores the dynamic and evolving nature of the UK’s online gambling sector, which remains a global leader in terms of revenue. Current online casino market performance The UK’s online casino market is not only thriving but also outpacing other nations. With a projected revenue of $6.47 billion in 2024, the country has the highest-earning online casino sector globally. It surpasses the United States, which, despite its larger population, is expected to generate slightly less revenue at $6.29 billion in the same year. The key to this success lies in the UK’s higher user penetration rate of 17.4%, compared to the US’s 9.4%, and a significantly higher average revenue per user (ARPU). UK players spend approximately $0.63k annually, more than double the US ARPU of $380.50. Factors driving the growth of online casinos in Britain Several factors contribute to the robust performance and future growth of the British online casino industry. A significant driver is the growing adoption of cryptocurrencies by crypto casino sites. A crypto casino site with cryptocurrencies incorporated into the platform’s payment and withdrawals system offers enhanced security, anonymity, and faster transaction times, which appeal to many casino users. This technological adoption is making online gambling more accessible and attractive to a broader audience. Additionally, the convenience and tax-free nature of online gambling in the UK are compelling factors. The…
Filed under: News - @ August 6, 2024 12:20 am