The European iGaming industry is projected to grow by 9.20% by the year 2025. This growth is largely attributed to hardware and software innovations and the increasing popularity of sports betting.
Enhanced internet connectivity also plays a key role in driving the European online casino market. We are also witnessing a surge in the number of online casino operators making inroads in the European market in a bid to expand market share and boost profit margins.
As the market gets more competitive, casino operators are taking up new innovations to gain a competitive advantage by collaborating with major stakeholders in the market. Europe is currently considered the leading gambling market in the global arena.
The $40 billion market boasts a safe gambling atmosphere for players and operators alike. Usually, players love sites with the best online casino bonuses Europe. That’s because bonuses mean more money to play top-tier slots and card games.
With that in mind, this page seeks to investigate some of the reasons why Europe is leading the global iGaming front.
Reasons Why Europe is the Global Gambling Leader
According to a recent report by the European Gambling and Betting Association (EGBA), online wagering revenue in the European market is projected to hit $99.5 billion in Gross Gaming Revenue (GGR) at a 19% growth rate by the end of 2022.
The internet GGR is expected to reach 41% by the year 2026, up from 26% in 2019. This is because more online casino operations are set to open in markets such as France, Spain, Germany, and Italy.
What makes the European market ideal is the fact that it is diverse, with a major player base. Most European jurisdictions have already legalized online gaming and wagering. Below are some of the reasons why Europe is leading in the iGaming industry.
iGaming is a Great Source of Revenue
Revenue is considered the number one indicator of the health of an economy in any industry. The iGaming annual revenue in 2021 was circa $34.5 billion. This suggests that the average punter in Europe spends per capita $72.33 annually.
However, it is important to mention that some European markets are more profitable than others. Even with that being the case, it is also clear that European punters wager massively. This explains why all major iGaming companies are interested in investing in Europe.
As more and more operators acquire gambling licenses in the region, black market operations are gradually being pushed out of business. The process of acquiring an online casino license in Europe is pretty straightforward, and this has encouraged healthy competition in the region.
The Sports Betting Market is Huge
Football is the most popular sport in Europe and the humongous fanbase extends its support through placing wagers with online casino sportsbooks. Considering the significantly huge football following in Europe, there are many online sports bets being placed every day.
In addition, there are numerous sports betting markets that fans and punters can take advantage of. For instance, a bettor can wager on the result of the first half outcome, the full-time outcome, the player who scores the first goal, the number of corner kicks in the game, and so forth.
The availability of multiple options has presented lucrative opportunities for punters and casino bookies alike. Everyone stands to make money off sports betting.
You should also know that football betting is not the only popular form of sports betting in Europe. Other prevalent forms of sports betting include horseracing, motorsports, dog racing, hockey, golf, tennis et cetera.
According to statistics, the number of European sports bettors has grown by well over 50% in recent years. This has helped boost online casino popularity and revenue.
Europe Leads in Digital Entertainment
Europe is undeniably the biggest market in terms of digital entertainment. This is largely due to the upsurge in web-based iGaming options. These options engage significant portions of the audience due to the dominating global market that’s, in turn, generating billions of pounds in revenue.
The European market offers stringent regulations which help establish faith and trust in punters by collaborating with national authorities. The relevant authorities are also known to offer operators premier services provided that they adhere to strict policies that shape them into accountable and trusted gambling operators.
Europe’s digital market not only serves players from within the region but also overseas punters from across the world.
Enhanced Internet Connections and Streaming Tech
The online casino industry has also benefited greatly from the improvements in internet connectivity and streaming technologies. With fast internet connectivity like that supported by 5G networks, players can easily access online games and stream live streaming events from around the world.
These two technologies are rapidly changing how players access and consume online casino games. Enhancements in internet accessibility have seen a growth in the number of online punters.
Another key technological industry driver is security. Ever since the debut of the first online casino, players have always been skeptical about the safety and security of internet gaming.
Online casino platforms are faced with a number of security threats. However, as technology advances, online casinos have evolved to become safer and more secure.
Online Casino Gambling Regulations in Europe
A majority of European nations permit online casino gaming. However, each country has its unique legislative framework around gambling regulation. Some jurisdictions are free markets, while others have established monopolistic iGaming markets.
While free markets are typically what the name suggests, monopolistic markets are run by public or private operators controlled by the state. However, most markets have multiple operators which helps eradicate biases and unfair advantages.
It is therefore prudent to conclude that the European online casino gaming market is categorized by diverse regulatory frameworks that ensure compliance with relevant gambling laws.
European punters enjoy online casino gaming and other forms of iGaming. Legislatures in the European region have been working towards legalizing online betting and regulating the activities for legitimacy and order. There are numerous independent online casino brands that operate in the regional market, rendering it more competitive.
Due to the rising demand for internet casino gaming and the massive revenue gains for operators, the market has exploded into a thriving multi-billion business that attracts different kinds of investors. The growth of iGaming also benefits other industries such as internet providers, streaming sectors, software engineering, the banking sector, blockchain, and so forth.