The European Online Gambling Market as a Leader of Global Casino Industry
Money, Trends, Casino Sites
It was hard to even imagine a virtual casino in an era when there was no Internet. With the development of the World Wide Web, life has changed. From the appearance of the first casino sites at the end of the 20th century to the present, over twenty years have passed, meanwhile, now there are loads of such portals in the world, and the profit they make is billions of euros. The role of European gambling in the universal gaming space is significant, let’s explore the details.
Global market analytics
Due to the pandemic, online gambling has become a more exciting activity.
In line with the European Gambling and Betting Association, online gambling has been steadily growing over the past few years. With a market share indicator of 22.2 billion euros in 2018, it will reach 29 billion euros in 2022.
As said by RBC analysts, the international online market of gambling has grown from about 6.5 billion euros in 2003, and it reached more than 45 billion euros in 2018. The yearly growth was about 10%. Moreover, the share of online sites in the industry as a whole has also increased. The indicator grew from 3% in 2003 to 12% in 2018.
In line with estimations, in 2020 it reached USD 1 billion, grew to $72.02 billionin 2021 at 12.3% CAGR of and it is forecasted to be worth $112.09 billion by 2025, increasing at a CAGR of 12%.
One more trend in the gaming marketplace is the continuous appearance of legal gambling venues. The indicator has grown from 45% in 2003 to 60% in 2018, so according to forecasts, will carry on growing in 2021. That is because it is now easier for operators to obtain a license than to hide, constantly shifting sites and creating mirrors.
The boom of online sites
The growing number of new gaming sites, as analysts explain, is because of the ease of starting a project and the wide-ranging possibilities of online games. Now many states easily issue a license to casino startups online, and these are not only offshore companies, but also large countries such as Australia, Canada, Czech Republic, India, and Austria.
On the other hand, the quality of entertaining games has improved, and their assortment has considerably increased. Now online, you can stake not only for cash, but also for free, and games have turned into adventures with which you can have fun. In the EU, in which online sites are officially allowed in many republics, residents consider casinos not as a means of hitting jackpots, but as a means of spending time.
People are attracted, they stake for money, win some cash, lose some, learn novel games. The average gaming deposit here, according to analysts, is $ 100-300. For comparison, in the CIS states, where games are allowed, this indicator fluctuates at the indicator of $10.
As for regulation, currently, Europe is the most developed gambling area in the continent. The regulatory powers have undertaken several alterations due to the spread of online games. Owing to such strict regulations on a global level, when the regulatory bodies PAGCOR, UKGC, AGA, KSA, and MGA, implement separate regulations and procedures, online gambling venues are now more transparent than ever.
Thanks to such transparency, casino visitors are more eager to invest their funds in online sites, because they know they are not being deceived and that now the gambling environment is safe.
Gaming establishments are obliged to pay high taxes in several countries. This fact may discourage a new institution from entering the marketplace. An illustration of UK profit taxation and tax charges:
- Consumer tax item-21%
- Lottery fee – 12%
- Slots – from 5% to 25%
- Sports staking – 15%
- Poker, Roulette, and Blackjack – from 15% to 50%
- New participants
Even though Europe is the leader in online wagering, particularly in the field of sports staking, the USA will surely draw near in a little while. In 2020, several states decided to open access to sports online and mobile staking to recuperate from the economic downturn.
When all these countries open access for online eSports betting, there is a question of whether Europe can retain its first place in terms of the size of the virtual wagering market. Last year, the volume of the online European wagering market was worth $ 30.92 billion. Competition promotes improvement, as agencies will expand their capabilities to surpass their rivals. As the USA has swiftly legalized sports and online betting, operators in Asia, Europe, and Latin America should strive to create innovative platforms.