The data projects that the revenue will keep declining in the coming years to record $70.5 billion in four years.
Revenue decline set to continue
In 2020, it is projected that the revenue will be $79.83 billion while estimates for next year are $76.98 billion, a drop of 3.7%. By the end of 2022, the sector’s revenue will be $74.42 billion, which will later slump by 31.1% to record $72.12 billion in 2023.
Over the last eight years, the highest returns were in 2013 at $114.31 billion, an increase of 6.7% the previous year.
There was a slight dip in revenue between 2014 and 2015 when the sector registered $95.96 billion and $94.47 billion respectively. There was a slight increase in revenue in 2017 when the sector recorded $101.02 billion.
The revenue comes from the UK gambling and betting industry which is segmented in online gambling, bingo halls, casinos, and lotteries.
Elsewhere, by 2019, there were 90 entities with a turnover of more than £5 million. This figure has dropped from 95 recorded in 2018. The lowest figure for enterprises to record a turnover of more than 5 million pounds was between 2014 and 2015 when it stood at 75.
In recent years, the UK has been on the forefront to curb betting addition and consumers racking in debts. As a result, the authorities have prohibited gambling using credit cards as one of the stringent measures.