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Britons Lost £12.6 Billion Gambling Last Year

Britons Lost £12.6 Billion Gambling Last Year

Britain is well known as a nation where gambling is hugely popular and enjoyed by many which is why the latest report from the UK Gambling Commission which says that £12.6 billion was gambled in the UK in 2015 is of little surprise to many.

The amount, which represents gross gambling yields (the amount bet minus any winnings paid out), was a record breaking sum and was bet in the 12 months up to September 2015. The money was roughly evenly split between online gambling, lotteries and betting shops.

Online gambling was the most popular with £3.6 billion spent followed by the National Lottery with £3.3 billion and then £3.2 billion in betting shops.

The figures led to claims of widespread problem gambling in the UK but it is hard to know the exact percentage of problem gambling in the general population as it hasn’t been properly studied since 2010. However, the figures equate to around £500 per year for every household in the UK which is a far less alarming way to look at it.

Furthermore, according to the Gambling Commission it isn’t easy to compare these figures with previous figures as the UK introduced point of consumption tax which requires operators that engage with the UK market to be licensed by the Gambling Commission. This means that for the first time it is possible to have accurate information on the amounts spent on online gambling.
This figures certainly suggest that online gambling is thriving, a fact backed up by the dramatic fall in numbers of high street bookmakers over the last two years which is mainly attributed to competition from online services.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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