The Casino and gaming industry is made up of Casinos, Lotteries, Sports betting & related, and other activities, out of which Sports betting and related accounts for 24% of the market size with $101 billion.
Predicting sports results and making a bet on the outcome is known as Sports betting. The frequency of sports wagering varies by culture, with most wagers being put on amateur and professional levels of association football, American football, basketball, baseball, hockey, track cycling, car racing, mixed martial arts, and boxing.
The market size of the sports betting sector in the UK reached a value of $5.4 billion in 2021, accounting for 5% of the global market size, making it the market leader. The UK accounts for 23% of the market size in the Europe region.
Earlier in the year 2020, the COVID-19 outbreak impacted the sector greatly as most of the outdoor facilities were shut down and people were forced to spend most of their time in their homes, thereby with little to no sports taking place for the better part of the year, which in turn meant no betting activities. The business was shut down for most of the year due to the government’s restrictions and lockdowns. As a result of this, in the year 2020, the market value of sports betting in the UK saw a de-growth of 10%.
Even after the restrictions were eased and the sports betting sector was witnessing a global recovery in demand, the UK was one of the few regions with negative growth as the market further saw a de-growth of 18% in 2021, accounting for over $1.1 billion.
The sports betting market in the UK grew at a CAGR of negative 7% during the period 2017-2021. This was primarily on account of the restrictions placed in the country. Also, people became more cautious with their spending post the pandemic which further hampered the demand for sports betting.
The major companies that have a strong presence in the UK sports betting market include bet UK, Betway, and Grosvenor Sports among others.
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