What is the impact of the cost of living on the UK gambling market?
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The cost of living can have an impact on any business. It represents the money one needs to enjoy a specific lifestyle in different areas.
There is an increase in gambling participation in the UK. In-person gambling increased by 27% in 2018. The data doesn't confirm that there is a connection between the rise in cost of living and the increase of gambling. Still, it is not unlikely for some compulsive gamblers to increase their spending amid the rising costs of products and services. in-Person gambling in UK increased significantly by 25% but did not surpass the pre-pandemic levels.
The Betting and Gaming Council (BGC) is the industry body for the betting and gaming industry in the UK. It is concerned about the increase in energy prices and the impact on the gambling industry. The BGC consists of more than 120 casinos and 6,500 betting shops that employ 44,000 people and contribute $4.7 billion to the economy in UK and $2 billion in annual taxes.
The cost of living is on the rise. One in four women age 18-49 who gamble are likely to increase their spending on gambling. 12% of women turned to gambling to supplement household income. 1 in 5 women admitted to experiencing anxiety and stress due to the gambling addiction. GambleAware launched a new campaign to raise awareness and help women who may be impacted by problem gambling and address gambling harm.
The UK Gambling Commission regulates the gambling industry in the UK. The Commission is in charge of licensing and enforcement. GambleAware is a leading charity that focuses on research, prevention and treatment services for people affected by gambling harm. The cost of living is an important factor in gambling market in UK, according to the expert.
