In the midst of the coronavirus pandemic, the online gambling industry has seen a remarkable uptick in revenue, thanks in part to the popularity of online slots. According to the latest report from the UK Gambling Commission (UKGC), online slots drove a significant increase in gross gambling yield (GGY) in the fourth quarter of 2020.
The report, released by the UKGC’s regulatory body, CasinoBeats, revealed that online slots accounted for a substantial portion of the overall GGY during the fourth quarter. The increase in online slot revenue was a welcome development for the industry, which has been heavily impacted by the closure of land-based casinos and betting shops due to the pandemic.
The report also highlighted the increasing popularity of online gambling in general, with a growing number of players turning to digital platforms for their gaming needs. This trend was particularly evident in the fourth quarter, as more people opted to stay at home and play online rather than venture out to traditional brick-and-mortar establishments.
CasinoBeats reported that the total GGY for the UK gambling industry in the fourth quarter was up by 3% compared to the same period in 2019. This growth was largely driven by the success of online slots, which saw a significant increase in revenue during the quarter.
The report also noted that online slots were the most popular form of online gambling in the UK, with a growing number of players choosing to play slots over other casino games. This trend was attributed to the convenience and accessibility of online slots, as well as the wide variety of games available to players.
In addition to online slots, the report also highlighted the growing popularity of other forms of online gambling, such as sports betting and virtual sports. These sectors also saw an increase in revenue during the fourth quarter, as more players turned to online platforms for their betting needs.
Overall, the report painted a positive picture for the UK gambling industry, which has faced numerous challenges in recent months. The success of online slots in driving GGY growth during the fourth quarter was a clear indication of the industry’s resilience and ability to adapt to changing circumstances.
As the pandemic continues to impact the gambling industry, online platforms are likely to remain a key revenue driver for operators. With the popularity of online slots and other forms of online gambling on the rise, the industry is poised for further growth in the coming months.