UK Market Records 2% Quarter-on-Quarter Drop in Total Wagers in Q4

After announcing the suspension of the Goldchip Limited license a day ago as a regulatory measure against the company facing AML allegations and issuing fines totaling around £675,000 ($836,535) to Progress Play and Jumpman Gaming on May 17, the UK Gambling Commission (UKGC) has announced a new set of interesting data related to the UK’s gaming market. Among them, the 2% drop in the quarter-on-quarter total wagers in Q4 (January-March 2022) in spite of the 5% rise in average active accounts during the same quarter.

The UK Gaming Market in Numbers

The commission has published its freshets data tied to the UK’s online gambling marketplace, reporting a total gross gambling yield (GGY) of £1.2 billion ($1.49 billion) during January-March 2022. The number showed a 1% drop from October-December 2021.

The rise in consumer activity during the fourth quarter triggered an 11% increase in the number of active sports betting accounts, together with a 5% increase in the number of active accounts opened by slot players.

The popular Cheltenham Festival held between March 16 and March 19 was one of the main factors that led to a massive number of active sports betting accounts in March (6.3 million) during the month of March.

While registering a busy period in terms of player activity, the market generated a 2% quarter-on-quarter drop in the total wagers or spins, reaching the £19 billion ($23.6 billion) mark.

January-March 2021 generated a GGY of £1.65 billion ($2.05 billion), remaining the highest GGY quarter since the UKGC started tracking the market in March 2020, when the first lockdown restrictions went into effect.

The UKGC Will Keep Expecting Enhanced Vigilance From Operators

The commission also announced it will continue to monitor the public’s engagement with online gambling services in the context of a number of regional governments dropping the most restrictive measures against COVID-19. The same commission also issued official notifications to all licensed operators in the country, letting them know that it would expect the same level of enhanced vigilance from them as consumers will keep being affected by the various circumstances triggered by the COVID-19 pandemic.

As their lives are gradually going back to normal, lots of people are still expressing their vulnerability in regards to the extended length of the pandemic, the added uncertainty regarding their jobs, and the need to readjust their budgets.