In an unexpected, yet robust recovery from the economic aftermath of the global pandemic, Europe’s iGaming industry has seen a steady rise in revenues from both land-based and online platforms in 2023.
As reported by iGamingTrends.com according to an analysis of the latest data, the industry’s gross gaming revenue (GGR) reached a formidable €108.5bn last year. This represents an impressive increase of 8% from the pre-Covid-19 levels of 2019 and a significant surge of 23% compared to 2021.
The revival is attributed largely to the reopening of terrestrial gambling establishments after the pandemic-induced closures, accounting for 65% of the total gambling income, a hefty €70.3bn. Simultaneously, the online gambling scene also witnessed an upswing, clocking an 8% growth with a GGR of €38.2bn, or 35% of Europe’s total gambling revenue.
Casino games stole the show in the digital space as the most popular online gambling product in Europe, as revealed by Gambling Capital’s Key Figures 2023 Edition. They generated an impressive €14.9bn, nearly 39% of total online gambling revenue. However, sports betting and other betting forms were not far behind, accounting for 35% of the total online revenue, or a substantial €13.6bn.
As one industry insider put it, “The share of Europe’s online gambling activity taking place on mobile devices continued to grow in 2023, with 53% of online bets being placed through mobile phones and tablets and the remaining 47% from desktops.”
Looking at the trend, one can deduce that pocket-sized devices are increasingly becoming the preferred choice for punters, a fact that online gambling operators would do well to note and adapt to.
Analysts predict that the European online gambling market is poised for further growth in the coming years. Betting products, including sports and other forms of betting, are expected to be the primary drivers. The projected gross gaming revenue is expected to reach a staggering €54.3bn by 2027, with betting products alone projected to generate €20bn by then.
In summary, the European gambling market has shown remarkable resilience in the face of a global crisis. The growth in 2023, driven by the revitalization of land-based gambling and the increased acceptance of online platforms, especially casino games and sports betting, is likely to continue in the years to come.
As the market continues to evolve, with mobile betting activity on the rise, online gambling operators will need to ensure that their platforms are optimized for mobile usage to secure a significant share of this thriving market.
The evolving trends in the gambling industry also shed light on the significant influence of technology on consumer behavior.
With the advent of more sophisticated and user-friendly gaming interfaces, coupled with enhanced security measures, consumers are demonstrating a higher level of trust and engagement with online platforms.
This is evident in the steady rise of mobile betting activities. Operators must stay abreast of technological advancements and consumer trends to maintain their competitive edge.
Furthermore, the introduction of innovative features such as live dealer games and virtual reality experiences is expected to further stimulate the industry, pushing the boundaries of interactive gambling experiences.