Is Online Bingo Being Hit by the Credit Crunch

An often under reported phenomenon within the online gambling community is the issue of addiction. In 2006 alone, up to 370,000 problem gamblers were reported in the U.K. And while only 20% were listed as having a serious problem, the rest were considered small to medium gamblers that could be at risk of having a problem in the future and definitely found it troublesome to stay away from gambling sites. These sites offer games ranging from horse racing to various casino games.

The phenomenon of online gambling has seen an approximately 40% rise since 2005 in the U.K. And with the U.K.’s economy growing at its fastest rate in two years, the question is begged: does the state of the economy play a role, significant or otherwise, in how many people participate in online gambling activities? For instance, does the amount of disposable income, which is a derivative of the state of the economy as a whole, make a person more likely to gamble said income, or are they more likely to gamble at online sites that offer poker, if they need to resolve certain debt issues?

Robust retail sales and housing market were primarily responsible for the UK’s economic growth recently. Another factor included the World Cup affect, which spiked pub attendance and the purchase of electrical goods like televisions. Lastly, but certainly no less important was the inflation and subsequent interest rate hike as a response.

At the time of this explosion in economic growth, online gambling figures were not recorded too well. The statistics that do exist from this time indicate, however, that when the fallout from this inflationary period hit the economy, UK gambling went down as people’s economic viability suffered.

Many would say that people gamble when they’re depressed because of being economically downtrodden or are in need of a little financial pick me up, the numbers as they are currently, suggest otherwise. They suggest instead that people only tend to gamble when the economy in which they live has more growth and stability, which certainly is not a hallmark of the times we currently live in.

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