Almost every European country allows traditional and online gambling. The European gambling market is massive, accounting for 49% of the global market. European countries are fans of online gambling, with online casinos accounting for 23% of the European gambling market.
What led to this growth? Read on to find out!
Estimate of the European Gambling Market
Gambling has been in existence since the dawn of time; it is the oldest form of entertainment and has since become the most profitable industry. People have always enjoyed trying their luck in Netherlands online casinos, and now, thanks to technological advancements, they can experience the casino thrill from the comfort of their homes.
While gambling was shunned in the past, today, people place bets on almost anything. Players bet on elections, literary prices, sports betting, and not just casino games. Currently, there are more than 1.9 million people who gamble. In the past, the United States used to be the main center of gambling activities; however, Europe has gradually surpassed the United States to become the world’s largest gambling market.
According to a year-end data report released by the European Gaming and Betting Association (EGBA) in collaboration with H2 Gambling Capital, online gambling revenue in Europe is expected to increase by 19% this year, reaching $99.5 billion in gross gaming revenue. The online GGR is expected to grow at a rate of around 9% per year, reaching 41% of total gambling revenue in Europe by 2026. That’s a huge development, we must say!
Factors Responsible for the Recent Growth of the Online Gambling Market in Europe
You might be wondering, “what are the factors responsible for this huge growth?” Well, we’re going to discuss that below.
As we all know, the pandemic had a significant impact on all sectors, whether negatively or positively. However, one of the industries that saw immense growth in its revenue is the online gambling market in Europe. Public gambling companies that are land-based were forced to close down, which led to many of them opening up online casinos, including no account casino that does not require any signup process.
Many players increased their online gambling offerings, and casino operators in the Netherlands moved their offerings online, which boosted the market. You’ll find several no account casino Netherlands offering the best online services to players living in Europe. An increase in online gambling revenue inevitably accompanied this shift from offline to online gambling.
2. Improved Technology
The technological advancement of online gambling in Europe has led to improved betting activities for players, thereby leading to more gaming time. IoT, Blockchain, VR, and AR technologies are transforming every industry, including online public gambling companies. Virtual Reality and VR Headsets have grown in popularity in recent years, and they are a game-changing addition to the world of online gambling.
3. A Massive Sports Betting Industry
Football is the most popular sport in Europe, and many fans express their enthusiasm for it through online casinos. Because football has such a large following, there are numerous wagers on online sports betting. A punter can bet on the outcome of the first and second halves of a game, the player who scores the most goals, the player who scores first, the number of cards in the game, the number of corner kicks, and several other options.
Football gambling is popular not only in the gambling capital of Europe but also in other countries worldwide. Statistics show that the number of gamblers in Europe has increased by more than 50%, resulting in increased popularity and revenue for casinos.
Gambling Regulations in Europe
Europe is a more liberal gambling jurisdiction, where players can gamble legally. Online casinos are quite popular in the Netherlands because most European online casinos are regulated by the European Gaming and Betting Association, the UK Gambling Commission, and the Malta Gaming Authority. These gambling authorities ensure that all games are 100% fair and secure for players.
Although most European countries allow gambling, individual countries are responsible for enacting legislation to ensure compliance with their gambling laws and regulations. However, one common law is the strict Know Your Customer (KYC) requirement, which states that every player must be properly identified before playing.
Furthermore, the Anti-Money Laundering Directive requires gambling operators to conduct a risk-based assessment on all players to reduce the potential for money laundering and crime risks. With these regulations, bettors are assured of a safe gaming experience and that their funds are secure while gambling in Europe.
Europeans enjoy gambling since most of the largest gambling companies are based in Europe. Legislation in Europe has legalized online gambling, allowing citizens to gamble freely. Many independent brands operate in Europe, increasing market competition. Revenues have increased dramatically due to the massive increase in online gambling, attracting numerous business entities.