The internet affects, well, everything. So many businesses from retail to banking have been completely overhauled (whether for the better or worse) but the Internet and the move online. But the gambling industry looks potentially like it move entirely online.
Could Bingo Halls and betting shops be a thing of the past? Let’s take a look.
Will the betting industry move entirely online?
For decades, betting shops have been a staple of high streets around the world. However, the betting industry is rapidly changing, with the UK online gambling market projected to reach a staggering £12.78 billion in revenue in 2024, and an expected annual growth rate of more than 4% through to 2028.
What’s behind the rise of online betting?
With smartphones becoming ubiquitous and internet connectivity, it was only a matter of time before betting became available on digital channels. Yet there are several key factors driving online betting’s remarkable growth.
Many punters value the convenience of being able to place bets or play games like online bingo on the go or from the comfort of their homes, as well as the wider range of betting options offered by online platforms compared to traditional shops. Moreover, exclusive betting forms have become increasingly popular, including live betting, which allows participators to place online bets during events.
Online betting has another key benefit over in store or shop betting too though. You can access multiple providers and betting shops which means you can compare odds, seek out offers and ultimately get a better deal.
How has traditional betting been impacted?
The rise of online betting has put pressure on traditional high-street bookmakers. Many betting shops have been forced to shut down due to declining foot traffic and increased competition from online operators. In fact, the number of high street betting shops in Britain has decreased by almost one-third from 2019-2024, with almost 2,400 closures.
That being said, many industry insiders argue that there’s a customer base for physical betting shops, particularly for those who prefer cash transactions and the social aspects that aren’t facilitated by online betting platforms. The fact that online betting still only accounts for less than 40% of the total gambling market share, supports this notion.
What does the future hold?
Looking ahead, the betting industry will undoubtedly continue its digital transformation, but likely not at the expense of all physical betting shops. We can expect to see traditional gambling operators expand their offerings to include online options that cater to demand, while also maintaining their physical presence.
We should also ready ourselves to see new changes, as evolving technologies like AI, virtual reality and blockchain revolutionise are integrated into the online betting experience. As the industry continues to evolve, regulations will need to adapt to maintain consumer protection and responsible gambling in both online and offline environments.
