Home Business Insights & Advice The average spending power on sports betting in the UK

The average spending power on sports betting in the UK

by John Saunders
2nd Aug 22 2:27 pm

Sports betting is a growing industry everywhere in the world. But in the UK we can find some surprising stats – which raises the question – what’s the average spending on Sports Betting?

One of the surprising UK-centric statistics that emerged online was that sports betting appears to get more popular with age. There is a considerable rise from 31 percent in 18 to 30-year-olds to 53 percent in the 60-year-old+ age group.

Over 70 percent of participants, barring the group of 60-year-olds, even claimed to have gambling apps on their smartphones. Up to 91 percent of individuals within the 18 to 30-year-old category use these gambling applications consistently.

Sports betting in the United Kingdom has always been a big trend, with another in-depth research showing that up to 47 percent of Brits have gambled over the last four weeks. This has prompted the emergence of new betting sites in the UK.

Although many still depend on brick-and-mortar sportsbook shops, their online counterparts provide much better-supercharged odds and welcome offers. However, performing your research and comparing different online sportsbooks is essential before placing your bets.

Average spending habits of UK gamblers

Some studies have revealed the average spending habits of UK gamblers. According to research, the average UK gambler spends not less than $84.22 (£70) per week.

The highest average spending in London is $119.11 (£99) per week, while that of the West Midlands and Yorkshire are at $85.42 (£71) and $89.02 (£74) per week respectively.

According to the survey, men in the UK spend an average of $24.43 (£20.30) on gambling weekly more than women. Men under 50 years of age spent more than those over 50.

Moreover, it was discovered that 70 percent of UK gamblers usually stop betting after a loss, while 58 percent of UK players stop after a win.

Factors that impact the UK sports betting industry

The use of smartphone services and the internet in the UK has significantly driven the sports betting sector. For instance, the mobile gaming industry purportedly generated up to $120 billion in 2021.

The online gambling industry is also growing due to the collaboration of private companies with third-party software vendors to create user-friendly and immersive gaming interfaces.

Government regulations have also helped make the UK gambling industry massive via the expansion of the gambling business in Europe. This has encouraged more and more individuals to participate in sports betting.

The UK government has also taken great pains to ensure the expansion of the gambling sector. It has also resolved the problems with fixed-odds gambling terminals.

The variety of games that the UK online casinos provide is unrivaled. Asides from sports betting, players can also enjoy several games, including table games and slot machines.

The future of sports betting

The sports betting market is reportedly expected to reach $167.66 billion (£139.34 billion) by 2029, registering a CAGR of up to 10.26 percent during the forecast period ranging from 2022 to 2029. The entire gambling industry was worth £14.3 billion, with as many as 98,174 people gainfully employed across the United Kingdom as of September 2019.

The Data Bridge Market Research team curated the market report, which covers growth rate, market value, market scenario, geographical coverage, market segments, and market players. It includes in-depth analysis, consumer behavior, production consumption, import/export, and pricing analyses.

This implies that the future of sports betting in the United Kingdom, and indeed worldwide, is bright. It can only get bigger and better with the emergence and implementation of innovative technology.

Conclusion

The sports world has brought immense joy and excitement to billions of individuals worldwide, with no sign of ending anytime soon. The future of sports betting looks promising, which is why spending on sports is highly encouraged.

However, gambling should be done in moderation. Responsible gambling is also highly encouraged by sports betting platforms.

 

Please play responsibly. For more information and advice visit https://www.begambleaware.org

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