How Big is the UK Betting Market Globally?

Many forms of online gambling are available to people around the world. As restrictions ease in a lot of countries, with the most prominent market being United States and Africa also a being good examples where legal online betting is taking off across the planet. The United Kingdom has long been regarded as one of the leading countries in the world for sports betting. Some of the biggest names in online betting, including William Hill, Bet365, and Ladbrokes were started in the UK but how big is the UK betting market compared with other countries?

Looking specifically at the UK, sports betting is only behind the national lottery in terms of popularity. That shows just how popular sports betting is in the UK and according to a study completed by YouGov, 40% of people surveyed in September 2021 have had sports bet online compared to 61% who enter the lottery draw each week.

However, there are some countries where online sports betting rules, with Italy being a good example. 57% of people in Italy according to the YouGov survey enjoy betting online, whereas only 22% play poker, which was the second most popular form of online gambling in the country. So, although the UK online betting market is strong, it does not compare to Italy, which holds the biggest share of online bettors in the world.

Spain and Australia are two more countries where online sports betting is the dominant form of gambling. 49% of people surveyed by YouGov residing in Australia bet online, with 42% in Spain. Sweden, Mexico, and the United States also have strong numbers when it comes to the percentage of people having a sports wager online, with the market share being stronger than the UK.

This has nothing to do with the quality of UK betting sites, which remain the best in the business. In terms of the regulations, choice of bookmakers, and sports betting markets, the availability in the UK is fantastic. All the big-name brands are available, in addition to some of the up-and-coming names in online betting.

When analysing data, it is important to consider the pandemic and the impact of lockdown, especially in the UK online betting market. The owner of Coral and Ladbrokes, Entain, reported a £175m profit in the year to the end of 2020 and they were recently subject to a takeover bid by BetMGM. The US online betting market continues to open and many of the sports betting brands started in the UK, such as William Hill and Bet365, have been making a move in the United States. The US is rapidly becoming one of the most lucrative online betting markets in the world.

Interestingly, in terms of the largest revenue share of the global sports betting market in 2020, Europe was the biggest with 35% and the UK had a significant role to play in that number. Asia Pacific had the second-largest revenue share at 22.5 % and that is expected to grow over the next few years following the legalisation of sports betting in Australia and India.

This article does not necessarily reflect the opinions of the editors or the management of EconoTimes