UK online slots hit record £680M in Q3 2024
Key Takeaways
- The British gambling industry recorded record revenue from online slots in the third quarter of 2024.
- Gross Gambling Yield (GGY) for slots increased by 16% year-over-year to £680 million.
- The number of spins and active accounts for slots saw significant growth.
- Betting activities on real events remained stable, while land-based betting offices (LBOs) experienced a slight decline.
Online Slots Set Record Revenues
The UK Gambling Commission recently released its report on the country’s gambling industry. Notably, revenues from online slots reached a new high in the third quarter of 2024. The Gross Gambling Yield (GGY) for slots increased by 16% year-over-year to £680 million (approximately USD 874 million). This growth was driven by a 13% increase in spins, totalling 23.3 billion. The number of monthly active accounts for slots also grew by 16% to 4.4 million.
Betting Activities Remain Stable
In addition to the growth in slots, online betting on real events also saw a slight increase. GGY in this area rose by 6% to £453 million (USD 582 million), despite a 10% decline in the number of bets. Interestingly, the number of active betting accounts increased by 9%, indicating heightened activity among existing players.
Slight Decline in Land-Based Betting Offices
While the online segment grew, land-based betting offices (LBOs) on British high streets faced a slight decline. GGY in this area fell by 1% to £533 million (USD 685.9 million). The number of bets and spins in these establishments also dropped by 0.1% to 3.1 billion.
Impact of Bonus Offers on the Data
The Gambling Commission noted that some of this data was influenced by bonus offers and free bets from certain providers. As a result, the report should be interpreted with caution, as it may not fully reflect the industry’s overall picture.
Our Assessment
The continued popularity of online slots shows that this segment remains a driving force in the British gambling industry. Although land-based betting offices experienced a slight decline, interest in online betting and slots remains high. The growing number of active accounts and the increasing number of spins suggest that players are increasingly turning to digital offerings. It will be interesting to see how these trends evolve in the coming quarters, particularly in light of potential regulatory changes and further market developments.
You should read that too:
Advertising transparency