Gaming & Gambling
One of the fastest growing sectors in the UK and worldwide is the gambling sector
The following statistics give a snapshot of the latest British gambling sector figures showing the impact of the pandemic period:
- Total Gross Gambling Yield (GGY) of British gambling industry 2019-2020: £14.1 billion. Down 1.4% when compared to April 2018 - March 2019*
- Total GGY of British remote and/or online sector 2020-2021 up 18.4% when compared to April 2019 - March 2020.
The gambling sector worldwide overview:
- The global gambling market grew from $449.04 billion in 2022 to $702.45 billion in 2023 at a compound annual growth rate (CAGR) of 56.4%.
- According to the casino statistics, the casino and online gambling sector worldwide were estimated at roughly 207 billion U.S. dollars in 2021.
- There are 4,305 online casinos & online gambling businesses as of 2023, an increase of 7% from 2022. In 2021, the number was 3,683, and in 2020 - even fewer, 3,328 businesses.
* Data not available for 2020-21 or 2021-22
A generic policy just won't cut it, as risks vary for each business
Casino gaming spans various sectors (land, online, riverboat, racetrack, sportsbooks, etc.), necessitating tailored insurance coverage. For instance, a riverboat venue needs protection for hull and passengers, with significant liability coverage for potential damages and injuries, especially if there's a liquor license. The extent of online risks depends on a casino's involvement in web-based gaming, a significant aspect for most operators today.
Key threats include data breaches exposing customer information and the danger of ransomware. Casinos must navigate uncertainties tied to emerging areas like cryptocurrency, where novelty, volatility, and lack of regulation pose significant risks alongside profit potential.
Effective risk management is crucial to protect assets and the public from hazards like fraud, embezzlement, and threats to customer safety. Each gambling risk has its unique implications for material damage, emphasizing the need for a well-aligned insurance plan that complements your risk management strategy and addresses gaps in coverage.
Bespoke cover for your business
Covers offered include:
- Public Liability
- Employment Liability
- Cyber Liability
- Professional Indemnity including Fidelity (fraud cover)
Langton London offer a bespoke service as no risk is the same. For expert advice, please contact Eddie Ferrao: This email address is being protected from spambots. You need JavaScript enabled to view it.
