Britain has been toiling through a period of economic uncertainty, recession and unemployment dragging on everything. The betting industry, although still strong in Britain is no exception to the effects.
Since 2010 when Deloitte published its first study on the effect of betting on the British economy since 2008, the British betting industry has seen a decrease in its contribution to the British economy, dropping from £3 billion to £2.3 billion between 2008 and 2011, there have also been decreases in the amount of jobs provided by the industry falling from 40,700 full time equivalent (FTE) jobs to 38,800 FTE jobs.
However, broadening the scope, the British betting industry has had an indirect impact of £2.8 billion and around 61,500 jobs across the UK, in total around a £5 billion contribution to the economy and 100,300 jobs can be traced to the British betting industry. The UK industry is facing real issues at the moment, retail operators in particular are facing tough times, trying to keep afloat in the struggling economy and battle with online gambling operators that are located overseas in offshore jurisdictions.
Though online gambling is causing some issues for high street betting shops in the UK, the popularity of sports betting is still high, horse racing generated over 50% of all over the counter gross wins at around £690 million in 2011and football betting is increasingly popular increasing its gross win from 13% to 16%. We can see that advertisers still have faith in the staying power of the British betting industry as well, spending £150 million on advertising by gambling operators in 2010.
So what is in store for the future of the British betting industry? Well, with the increased usage of smart phones and tablets by gamblers and the increasingly popular location independent betting services, the industry is set to keep growing, providing more jobs, many of which are accessible to the less qualified and strictly part time workers, more online gambling is set to help operators learn more about individual punters and help evolve a tailored marketing scheme. Betting shops are moving into more popular areas on high streets and continue to remain popular across Britain. The industry looks set to keep expanding as the economic situation resolves.