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Additionally, a new remote betting duty is set to come in from April 2027, which will raise the effective tax rate on all sports betting products except horse racing from 15% to 25%.
Several other operators have responded to the UK tax hikes by announcing shop closures.
In March, William Hill told staff it plans to permanently close approximately 200 of its retail shops in the UK, around 15% of Evoke’s retail estate.
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Fullstory points out that while 62% of consumers have dabbled in sports event contracts, 42% traded economic or financial derivatives on a prediction market while a comparable percentage transacted in an election or political event contract. More than a quarter traded at least one entertainment or pop culture derivative.
That widening breadth is vital for the industry at a time when some analysts estimate volume could jump to $10 trillion by 2035 – a projection that is largely rooted in other categories surpassing sports for the top spot.
Nearly a third of respondents told Fullstory that increased event contract breadth could compel them to consistently choose a prediction market over a sportsbook.
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Online gambling more broadly remains illegal, with no sign of legalisation in either the short or long term. If anything, the government appears to be moving further away from the activity, and is actively considering website blocking to prevent illegal gambling in the country.
But through its love of pachinko, social gaming in Japan offers a strikingly different story.
Across some 8,000 pachinko parlours in Japan, machines filled with metallic balls fill expansive spaces, similar to slot machines on a casino floor. Winning balls are tallied and exchanged for non-cash prizes at the parlour, which can then be taken to nearby third-party exchange outlets for cash.
