Latest Figures Show Continued Growth for Spain’s Online Gaming Market
Posted on Mar 1, 2023 at 6:42 am.
Last updated on: March 1st, 2023, 06:42 am.
Once again, gambling is a key factor in the success of the Spanish economy. The Directorate General for the Regulation of Gaming (DGOJ, for its Spanish acronym), the regulator of the country’s gaming sector, reported a 31% annual increase in online gaming revenue for the third quarter of last year.
The DGOJ recently released its latest financial data and reported that gross gaming revenue (GGR) for the period was 240.83 million euros ($257.31 million). This represents an increase of 18.08% compared to the previous quarter and 31.29% compared to the same quarter last year.
The numbers underpin an activity that is steadily adding new followers in the country. Some of the factors explaining this growth in this segment are an increase in the use of tech devices and overall investment in a digital society in Spain.
Digital is gaining ground
According to DGOJ data, €127.95 million (US$136.7 million) of the total, or 53.13%, went to online casino games. The sports betting industry followed with €89.04 million ($95.12 million). This was enough to capture 36.97% of the total.
Online poker also jumped, up 8.36% from the same period last year when it closed at €20.14 million ($21.45 million). However, this was a 10.6% drop from the previous quarter.
Thanks to its €3.68 million ($3.92 million), bingo posted a 9.63% increase sequentially and a 4.64% increase year-on-year. After all, online sweepstakes only raised €300,000 ($319,500).
The sports betting segment grew 46.20% sequentially and 48.61% sequentially. Conventional straight bets increased 19.21% and straight bets increased 76.04% compared to the previous quarter.
Horse racing bets declined 33.27% while outright bets on other activities saw a 99.33% increase over the previous quarter.
Shifting the paradigm
Along with the increasing use of digital technologies, COVID-19 is one of the big factors behind the growth of online gaming. The arrival of the pandemic led to the closure of most casinos and physical gaming venues.
This resulted in significant loss of profits and forced the gambling industry to look for alternative sources of income. However, it also served as a catalyst for the growth of the entire digital ecosystem.
Amid the lockdowns caused by COVID-19, people had fewer entertainment options and the internet became immensely popular. As a result, more people embraced online gaming and never looked back.
Currently, the online gambling industry is busy every day looking for ways to improve their users’ experience. Operators and developers rely more on data measurement tools and cutting-edge innovations to create new options. The result is an even higher level of interest that drives even more innovation and advancement.
As a result, the cycle will continue and online gaming will continue to gain ground. Previous analysis has shown that online gambling is one of the biggest drivers of the Spanish economy and therefore the gambling industry will look very different in 10 years.