Sports betting still dominates Spain’s online gaming market

Garance Limouzy September 19, 2024

In the second quarter of 2024, Spain’s gross gaming revenue (GGR) reached €346.34 million, representing a slight one percent decrease from the previous quarter but an impressive 10 percent increase compared to the same period in 2023. While overall market performance dipped slightly in Q2, year-over-year growth remains robust.

Key Game Segments in Q2 2024

Sports betting: Betting remained the largest segment, accounting for €145.48 million (42 percent of the total GGR). However, it experienced a slight quarter-over-quarter decline of 3 percent, driven by a 10 percent drop in pre-match sports betting. Despite this, live in-play betting grew by 6 percent.
Sports betting is a key part of Spain‘s online gambling scene, with revenues expected to reach €0.85 billion in 2024, according to Statista. The growth in both pre-match and live betting is driven by more mobile platforms. Football continues to be the most favored choice for bettors.
Casino: The casino segment was the top performer in terms of growth, contributing €171.69 million (50 percent of GGR). Casino revenues saw a 2 percent quarter-over-quarter increase and an impressive 15 percent annual growth. Online slots led this increase, with an impressive 20 percent year-over-year increase, while live roulette also posted a solid 10 percent rise.
The range of games available, such as slots, poker, blackjack, and roulette, has attracted more players. Live dealer games have also transformed the casino experience by creating a more interactive way to gamble that blends the physical and online worlds.
Poker: Poker struggled during Q2, with GGR falling to €25.56 million (7 percent of GGR), a 10 percent drop from the previous quarter. Cash poker, in particular, saw a steep 37 percent decline. However, poker tournaments remained relatively stable, with a modest 1 percent increase quarter-over-quarter.
Bingo: The bingo segment reported a small portion of GGR at €3.61 million (1 percent), down 14 percent from the previous quarter but still showing 2 percent annual growth.

A competitive market

Marketing expenditure in Q2 2024 was a standout figure, reaching €120.21 million, a 7 percent increase over the previous quarter and an impressive 22 percent jump compared to the same quarter in 2023. This rise reflects growing competition among operators seeking to capture a larger share of the market by investing in advertising, promotions, and affiliate programs. With user penetration expected to reach 7 percent in 2024 and the number of users projected to climb to 4 million by 2029, operators have a growing audience to target.

User growth

The Spanish gambling market continues to attract new users, as evidenced by the 2 percent increase in new gaming accounts from the previous quarter and a remarkable 47 percent growth year-over-year. Active gaming accounts also grew by 5 percent quarter-over-quarter, demonstrating the growing popularity of online gambling in Spain.

Projections for 2024 and beyond

As the Spanish online gambling market continues to evolve, industry experts are forecasting impressive growth in the years ahead. Revenue for the sector is projected to reach €1.77 billion by the end of 2024, according to Statista. Looking further ahead, the market is expected to grow at a compound annual growth rate (CAGR) of 5 percent from 2024 to 2029, potentially reaching a value of €2.26 billion by the end of the decade.

Spain’s online gambling regulation ensures a safe environment for players and operators, with a strict licensing system by the DGOJ. Spain’s growing economy is also driving the market, as higher disposable incomes lead more people to spend on online gambling.

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