Gambling is a very lucrative industry and online gambling amount to around $50 billion annually. It is projected that the industry will grow to $94 billion in 2024. Sports betting is more lucrative than online casinos due to their availability and better odds.
The Online Casino Sector in the UK
The United Kingdom permits all types of online gambling and their online casinos take approximately 32% of the online gambling in the European Union. The UK online sector accounted for $6 billion in revenue. Gambling has always been a part of the UK’s culture and the show Peaky Blinders shows us that sports betting has been present one hundred years ago. Online gambling became legal in 2005 alongside with the Gambling Act.
UK’s Gambling Commission is strict with rules and in 2019, a rule that serves to verify the age of a person took place in the UK. According to the rule, a person cannot place a bet until their personal details have been thoroughly verified. The Gambling Commission regulates the market and doesn’t hesitate to bill the ones responsible for breaching the rule with penalties rising from $2 to approximately $24 million in one year.
The Online Casino Sector in Australia
Gambling losses per adult resident in Australia are approximately $1,000 which is much higher than any other country. Still, the laws are strict and they have a law that prohibits the online gambling operators from advertising. In 2016, a new law further prohibited some online casinos with merely a few remaining that accept Aussie gamblers.
It is expected that the online casino industry will continue growing in Australia especially considering the country’s citizens’ taste for gambling. However, it is not possible to predict when and how this is going to occur.
The Online Casino Sector in Canada
An estimated 76% of Canadian adults partake in a form of gambling and in 2017, the total revenues were around $13 billion mostly accounting to the development of the online casino sector. The country doesn’t have clear regulations on online gambling with them being able to operate offshore. Still, Canadians have the right to gamble on foreign online casino websites and live casino blackjack Canada.
It will be interesting to see how the Canadian online sector is going to be regulated because it is clear that the sector is generating a lot of revenue for the country.