Great Britain. Source: Udoba

UK Online Gambling Sector Records £1.36 Billion Net Profit in Q4

The UK's online gambling sector witnessed robust growth in the fourth quarter, with gross gambling yield (GGY) surging by 5% year-on-year to reach a staggering £1.36 billion. This uptick in profitability coincided with a notable increase in total bets and wagers, marking a new record high for the industry.

Compared to the previous year's fourth-quarter figures of £1.29 billion, the £65 million rise in GGY underscores the sector's resilience and continued expansion. The Gambling Commission attributes this growth to a significant uptick in GGY from slot machines, alongside heightened betting activity on real GGY events.

Moreover, total spins during the fourth quarter surged by 12%, surpassing 21.9 billion, while the average monthly count of active accounts experienced a notable 7% increase, reaching 4.2 million per month. These indicators reflect sustained engagement and participation within the UK's thriving online gambling landscape.

As the sector continues to evolve and adapt to changing market dynamics, the fourth-quarter performance underscores its importance within the broader gambling industry and its significant contribution to the UK's economy.

4 May 2024, 08:17

Finance United Kingdom

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