The UK enjoys the reputation of having the strongest and economically reliable online gambling industry despite imposing the strictest gambling regulations. In fact the UK Gambling Commission made it mandatory for licensed online gambling operators to hook up with GamStop and its Self-Exclusion scheme.
The requirement all the more made UK online betting sites and online casinos more appealing; particularly for those who ventured into online gambling for the first time during the COVID-19 stay-at-home orders. Strict oversight and supervision helped boost the confidence of customers in playing games of chance like online slots and casino card games.
Over the past few years, online gambling has been outperforming all other sectors of the UK’s gambling industry; from brick-and-mortar casinos, to high-street betting shops, lotteries and bingo halls.
In 2018, the online gambling industry made history fot brining in revenues that represented 38.8% of the country’s entire collection of taxes for the year. The sector contributed a resounding £5.6 billion in terms of tax revenues
Reasons Why Online Gambling Became an Important Source of Revenue in the UK
1. Recreational gambling fits into the trends of the UK’s large population of senior citizens. As of 2019, one-fifth of UK’s population are senior citizens aged 65 years and older, which in numbers is around 12.3 million people. The current projection is that by the year 2039, the size of UK’s elderly population will grow to 19% or about 74 million.
It is logical to expect therefore that the number of adult online gamblers in the UK will likewise grow in similar proportions.
2. The reportorial requirements and the supporting historical data make online gambling records more reliable. This denotes that operators of online gambling businesses cannot just avoid or evade the related taxes on their gambling revenues.
3. Online gambling platforms do not spend much in overhead costs. Since online gambling businesses have lower labor and overhead costs, as well as fewer back office accounting transactions, payment of related taxes is more manageable.
Why Thai Lawmakers Should Take a Good Look at UK’s Successful Online Gambling< Industry
Currently, Thai lawmakers are poised to study, as well as to weigh the pros and cons of authorizing the integration of casinos in Thailand’s popular resorts. The objective of which is to redevelop certain tourist attractions with casinos as a way to increase the number of Chinese tourists visiting the country every year.
Yet some asset analysts are of the opinion that integrated resorts are not the best solutions in speeding up the recovery of the country’s tourism industry. Mainly because Thailand was able to grow the tourism sector by relying on the country’s natural resources and annual festivities, whilst yielding at least 20% of the country’s gross annual revenues. Given enough time and sustainable improvements in the environment, the country’s tourism industry will soon be on its way to a robust recovery.
The igaming world on the other hand, recommends that the better option would be to legalize online gambling. After all, a local Thai study revealed that the greater bulk of the country’s gambling population are into sports betting, playing with เว็บ สล็อต (online slots) and buying special power ball lotteries.
Besides, the current trend among plush, high-end casinos is the integration of online gambling platforms that many of their high roller customers have requested ever since the pandemic broke out.