Europe is one of the largest gambling markets in the world. Although the activity is enjoyed globally and in masses, the love it has received across this continent cannot be understated.
The regulations in place across Europe certainly help to make it a favorable market for the sector. Almost every country uses a multi-license model, meaning several companies can abide by the rules and legislation set out by the country they wish to enter. A few do not, with Norway and Finland having a monopoly license, while Slovenia has no regulations in place.
Because of the favorable conditions presented by most, some countries have proven to be more lucrative than others. These nations typically have an affinity with the activity as part of their cultural norms and traditions. Some are easy to understand, whereas a few on the list might be considered a little more of a surprise.
The data provided was collected in 2020, which suggests that it could be a little dated. The gambling industry is one that has continued to grow significantly, with the worldwide market expected to grow at a compound annual growth rate (CAGR) of 6.47% between 2024 and 2029. However, with the figures provided, it just goes to show where gambling is at its biggest in Europe:
6. The Netherlands – €2.99 Billion
The Netherlands was ranked as the sixth largest gambling market in Europe per the findings of that report. The market is still expected to grow, with it being reported that a CAGR of 5.29% is projected over the next five years. Approximately 2.2 million people are expected to be using online casinos by 2029, using the sites that have been made legal to use across the country. Many have been turning to gambling online platforms due to the convenience and accessibility that can be enjoyed, with the rise of live casino games being marked as one of the biggest trends.
5. Spain – €6 Billion
Spain’s €6 billion ranked the country fifth. The growth expected to be achieved is reported to be lower than that of The Netherlands, with projections estimated at 4.96%. Nonetheless, it’s expected that almost more than double (4 million) will be engaged in gambling in some capacity. The country has been evolving with new laws as the industry has grown, especially in relation to online forms. This has helped the South European nation to become as big as it has, as more people have decided to play due to its regulated nature.
4. France – €10.2 Billion
Having grossed €10.2 billion in gaming revenues in 2020, France was placed fourth. It’s a country that has a rich betting culture, with figures estimating that almost half of the population (49%) had engaged in the activity in 2022; 28% engaging in sports betting. Unsurprisingly, figures are expected to increase even further. A CAGR of 4.44% is projected, with 10.5 million users expected by 2029. With the market being heavily regulated, French citizens feel they are safe to play and have the right protections in place.
3. Germany – €12.1 Billion
Germany is a nation with a rich gambling history. There have been many game developers and casino brands to operate out of the country. The nation is such a big player in the industry, it has its own regulations that operators must follow if they want to provide services from within the country. The figures from the 2020 report highlighted that €12.1 billion was grossed as gaming revenues, but a 5.00% CAGR is expected to be obtained over the next five years.
2. Italy – €13.2 Billion
Italy has proven to be an interesting case study for the online gambling industry. The country is known to have a rich gaming culture, but it’s typically been reserved for traditional means of gambling, such as playing games at a casino. However, there has been a shift. Younger generations have started to use online forms of gaming as entertainment, spending approximately €13.2 billion on the activity in 2020. The industry is set to potentially receive a boom in 2024, as a new regulation was introduced to online services. This could make it a more attractive proposition for bettors in the country, as they may feel safer now that certain protections can be offered.
1. United Kingdom – €15.99 Billion
The undisputed king of the European gambling market is the UK. Generating almost €16 billion in 2020, it’s a market that has been known to have a rich affinity with the gambling industry. One of the biggest licenses available is the UKGC, offering players the best protections. As a result, it has been one of the two main licenses operators seek to obtain because of its reputation (Malta is the other). Growth is still expected between 2024 and 2029, projected to be 3.62%. Regarding users, the market could have 23.9 million by 2029. To put that number into perspective, that’s approximately a third of the UK population.
Bottom Line
The European gambling market is incredibly lucrative for businesses that operate within it. The UK is the leader, and it’s far from a surprise that the sovereign nation is placed where it is.