2022 Betting Industry Review
2022 was a year of peaks and troths for the UK gambling industry. While technological innovations such as crypto gambling have breathed new life into sports betting and casino games, tighter regulations and the impacts of both Covid and Brexit took their toll.
Legislation
2022 finished on a dissatisfying note, with the UK government failing to deliver its White Paper on gambling reforms. This saw (and continues to see) the industry hang in the balance and await impending changes to gambling legislation.
This delay shifted ministers' attention to the UK Gambling Commission (UKGC), whose reputation was struggling to recover from its mismanagement of the Football Index. Sadly, its label as an "under-performing regulator" has stuck.
The Betting and Gaming Council (BGC) are urging ministers to take a balanced and evidence-based approach to implement industry revisions, which are expected to be rolled out in 2023.
Operators Exiting the UK
While 2022 was progressive in many ways, it was also the year where many operators withdrew from the UK market, many citing the challenging business environment and the rising cost of KYC as the reason. These included the likes of STS, Redzone, Energybet, Betbull and Sportnation.
Gambling Behaviours
Last year, the number of gamblers using mobile devices rose again. According to statistics, 56% of UK gamblers used their smartphones to gamble online in 2022, with ease of use and enhanced mobile free bets being the top reasons as to why.
39% of UK gamblers placed a bet weekly or more in 2022, while 30% gambled monthly. 36% admitted to gambling for the sake of having fun.
When looking at gambling addiction numbers, just 0.2% of the gambling community were categorised as 'problem gamblers'.
Free Bets Became More Prominent
A recent survey conducted by UK free bets comparison site, freebets.ltd.uk, illustrated how the demand for free bets was on the rise in 2022. Reporting on the results of its Annual Free Bets Survey, the brand stated the following:
"The aim of the survey is to establish what our UK betting customers value, ensuring we are providing our users with the most valuable services and the most competitive bonuses."
"The results of this year's survey gave us some real food for thought. We will use these findings to further enhance the services we offer via our platform, cementing our brand's name as the number one destination for generous offers."
Crypto and Web3
Progressions in new technology have resulted in a new wave of gambling products entering the UK space.
The emergence of blockchain-based betting platforms such as BetDex, Dexsport.io and Betswap revolutionised the online gambling space in 2022. These platforms, which are built on blockchain technology, allow for secure, transparent transactions and smart contracts, ensuring automatic and instant payouts. This approach eliminates the need for a centralised intermediary and provides users with a fair and transparent online betting experience.
