Online gambling is one of the fastest growing forms of gambling, but its growth has come at the expense of other forms of entertainment, like live sporting events.
In the past decade, the number of people who gamble online has exploded from just 10 million people to almost 30 million, according to a new report.
Online gambling has become an increasingly popular means of gambling in the UK, with more than half of all UK households now gambling online.
The report from Deloitte and Co, the firm which commissioned the report, found that gambling online accounts for more than 10% of all gambling revenues in the country, up from 4.4% a decade ago.
The study found that the rise in gambling has also seen an increase in gambling revenue in the US, with online gambling revenue up almost 200% from 2000 to 2020.
Deloitte said the internet gaming industry is growing faster than the UK’s economy and gambling revenue is expected to rise by more than 5% per year in the next decade.
The gambling industry in the United Kingdom is expected grow by 5% to 5.7% by 2020, and will have generated more than £6 billion by 2020 compared with £1.8 billion a decade earlier, the report said.
This growth in the gambling industry will require investment in new technology, the study said.
Online casinos are a particularly lucrative form of gambling because they offer the same level of security and convenience as a traditional casino, with a higher chance of winning a prize, but also higher margins, it added.
Online casino operators are now offering services for £15, £20 and £50 bets.