It would almost seem like there are no businesses that experience rapid growth as much as online casinos and gaming industries. The gaming industry’s alienated overnight growth has turned it into a very lucrative delight for many entrepreneurs who want off the chart returns on their capitals. The big question to this magical growth would be; how do they do it?
- Gambling Industry News Uk Newspapers
- Gambling Industry News Uk Today
- Gambling Industry News Uk Newspapers
One invaluable tool used by the online casino industry in accomplishing such astounding growth is the big data analytics for effective marketing as well as quick payment processing. It’s a way gaming industries evaluate their customer’s gaming needs and provide the solution to it. However, it really might not be that plain as black on white paper. It is all blurry without revealing the dynamics of how they get it done precisely! How do online gaming industry use big data analytics to grow? It starts from understanding online casino players’ behaviors, how revenues are generated from circumventing around their needs and also help reshape your future expectancy from the industry.
Casinos or the gambling industry is a thriving sector in the UK; while the casinos are approved and licensed by the Gambling Commission of Great Britain. According to a statistical report in 2018 (Source: Statista), the gambling industry in the UK was reported to have over 100,000 employees with more than 53,000 employed in the betting sector. Have your say on tougher rules for identifying and tackling gambling harm – including customer affordability 03 November 2020. The Gambling Commission is calling for views from the industry, consumers and other stakeholders on stronger requirements on online operators to identify consumers who may be at risk of gambling harm and to then interact and take action to prevent those harms.
Collating data online
The latest breaking news, comment and features from The Independent. UK; World; Europe; Politics. 2020 Election; Voices. Gambling industry. Expansion of gambling in. But it’s not all positive news, as Westminster looks primed to make sweeping changes to the UK’s gambling laws. A cross-party group of MPs recently called for a government review of the UK’s.
Data is one thing online casino players readily give, right from first visits, registrations to withdrawing their winnings with according payment methods they player chose to use. No need for secret hackers sitting in a dark room and closely watching your online records! That’s just a mere fantasy.
Gaming industries are government regulated; hence they collect track record and internet trails legitimately using already available sources for such information. iGaming companies collect these data the same way every other online business collects it; by tracking your online history and monitoring online activity.
Immediately you register with any online gaming industry you have added to their data points, which helps in profiling players for a specific website or service. Vital personal information such as location, age, gender, etc. are great tools for providing targeted services and marketing – one of the drives behind the industry’s growth.
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October 2017 to September 2018, saw the GGY, OR Gross Gambling Yield, of the UK’s gambling industry hit a staggering £14.5bn. Gambling enterprises are required to pay the UK government a minimum of 15% tax on any amount up to £2,370,500. The tax then increases accordingly to 20%, 30%, 40% and 50%. Thanks to these astonishing numbers, the gambling industry has cemented its place as one of the UK’s largest and most profitable industries.
While there may be many people who disagree with gambling from a moral standpoint, and many who argue that vulnerable individuals are at risk of gambling addiction and therefore tighter controls should be imposed upon the industry as a whole, there is no denying that the UK gambling industry is a mainstay of the UK economy.
The Pieces of the Pie
The UK gambling sector can be divided into a number of different areas, namely; online gambling, betting shops, bingo halls, land-based casinos, arcades and lotteries. Of these, online (or remote) gambling – which includes online betting, online casino games, online bingo and online lotteries – is responsible for the lion’s share of the profits; 39% or £5.6bn GGY. Land-based bookies come in second at 22.1% and the National Lottery follows closely at 20.6%. Traditional casinos rake in 7.4% and old-school bingo halls are responsible for 4.7%. 2017-2018 saw a slight downturn in overall profits compared to the previous years, however; the numbers still indicate that the UK’s love of gambling remains strong and true.
Online Revival
New and improved UK online casinos cater specifically to the UK market. Many casino brands have versions of their casino sites for players outside of the UK, however; if a casino brand has sites that cater to a worldwide audience, their UK players will be redirected to the UK version of the site in order to ensure that the UK economy benefits from their GGY. There are hundreds of excellent new casino sites available to UK players, so many in fact that it can be a mammoth task for users to sift through them and find a site that suits their specific needs.
This is where another branch of the gambling industry comes in to play; the casino review sites. Review sites are run by industry experts that know exactly how things work behind the scenes; in other words, they know a good casino when they see one. These sites cultivate stellar reputations for delivering up-to-date information on everything casino-related and for providing players with meticulously curated lists of the best new UK online casinos on the market. We recommend following their advice whenever possible.
New Legislation
In response to the question of moral responsibility and the protection of vulnerable individuals, the UK government have imposed strict regulations and guidelines to combat the negative aspects of gambling. One of these measures was to introduce GambleAware, a charity charged with undertaking research on the negative aspects of gambling and thereby providing free prevention and treatment services to those at risk. And more recently, the UK government announced a cap on betting limits for FOTB (fixed odds betting terminals) – reducing the limit from £100 to £2.
Many people equate the decline in overall profits to the fact that punters are no longer able to get carried away on FOTB machines, however; this is viewed as a positive rather than a negative. Another major change for the UK gambling industry was the introduction of the 2014 Gambling Bill. The UK Gambling Commission is now responsible for all UK casino sites and gambling enterprises. The legislation in place ensures that no enterprise can offer gambling options without obtaining a licence from the UKGC.
Taxation
The 2014 Gambling Bill has done much to improve the gambling experience for both players and the general public. One of the biggest changes was the introduction of the 15% tax on all profits generated from betting. This tax actually works in the punters favour because they no longer have to pay tax on any of their winnings. This tax also ensures that the UK economy benefits from the continued growth of the industry and justifies its somewhat dubious nature. There may have been a few grumbles from industry insiders, but the fact is that the public perception of gambling has become more favourable because of the amount of money generated from the taxation.
Gambling Industry News Uk Newspapers
Rules and Regulations
Gambling Industry News Uk Today
The Gambling Bill has also enabled the UKGC to take the industry in a new direction; out of the seedy shadows and into a new era of transparency and good business practices. Thanks to the UKGC licence and regulations, new online casinos in the UK, in particular, have been forced to improve their services in numerous ways and the results have been beneficial to both the players and the casinos. The remote sector has increased its revenue thanks to new online UK casinos that offer heightened security measures, improved data protection, regularly audited software providers and games, a wider range of trustworthy payment providers and vastly improved customer service. More and more players are now signing up for online casino accounts because they feel safe in the knowledge that the casino will play fair and that they actually have a chance at winning a bob or two.
Gambling Industry News Uk Newspapers
Employment and Charitable Giving
We’ve made much of the fact that the UK economy benefits from the GGY, but we should also mention that the gambling industry is responsible for employing over 100,000 workers in the UK. An employee often earns an above-average salary and, therefore, gets taxed accordingly. The industry’s workforce also contributes to the economy by spending their hard-earned pennies in other sectors; housing, entertainment, technology and food to name but a few. And to end on a high note, we should also point out that from the 2017-2018 GGY alone, the National Lottery contributed over £1bn to charitable causes.
In conclusion, when it comes to the UK’s gambling habits the pros certainly outweigh the cons. And the UK’s GDP has benefited immensely from an industry that has pulled its socks up and revamped its image to become a stalwart of the economy.