The widespread availability of the internet has seen the rise of many new forms of entertainment. One of the leading forms of online entertainment is iGaming. This is any form of online gambling, including casino games and sports betting. The iGaming industry has grown massively in recent years, especially in Europe.
European iGaming Statistics
Before assessing how the European iGaming industry has boomed over the past two decades, we need to understand the numbers. As of 2023, close to 50% of the worldwide iGaming market is in Europe. Given iGaming is legal in parts of the United States and Asia, that is a significant percentage of the total market. In 2021, there were 125 million active iGaming players in Europe and with so many people actively gambling online, it comes as little surprise to see more iGaming companies basing their operations on European soil.
In 2021, the European online gambling industry made 21.1 billion euros. That number alone tells you everything you need to know about the boom of the European iGaming industry. By 2027, that number is expected to increase to over 52 billion Euros.
Countries Where iGaming has Boomed
When looking at the adoption of iGaming across Europe, we must consider both operators and players. Beginning with the former and Malta has become a hotbed for iGaming companies. The Malta Gaming Authority (MGA) is one of the leading iGaming licensing bodies and is respected as one of the best and most trustworthy in the world. The statistics show iGaming accounts for 13% of Malta’s GDP, generating over 700 million Euros a year. There are over 250 iGaming companies based in Malta, including online casinos, sportsbooks, and developers. When playing one of the latest online slots real money, there is a good chance the game was either developed in Malta or is being hosted by an online casino based in Malta. Betsson Group, Kindred Group, Gaming Innovation Group, and LeoVegas Mobile Gaming Group are just some of the major iGaming companies with operations in Malta.
Strong and safe regulation of the iGaming industry is one of the main reasons the industry has boomed across Europe over the past two decades. If we take Ireland as an example, online gambling in the country is regulated by the Gambling Control Bill. In 2020, the total iGaming revenue in Ireland was over 40 million Euros, with sports betting being the most popular form of iGaming for the Irish.
Licensing and Regulation
Having access to a fantastic range of iGaming products clearly plays a role in the rise of the iGaming industry in Europe over the last 20 years. However, there is one main factor that has been key to the development of iGaming on the continent and that is licensing and regulation.
European countries, including Malta, Ireland, United Kingdom, Sweden, Norway, Denmark, Italy, Germany, and France, have all made moves to regulate online gambling. So, rather than players having to try and by-pass geographical restrictions online to enter casinos and sportsbooks, they can do so legally. The regulators for each country will only accept iGaming brands that hold an acceptable license, such as the one issued by the Malta Gaming Authority. That builds trust in iGaming and leads to more people wanting to have a go at online sports betting and casino games.
Other Factors
There are several other factors that have contributed to the boom of the European iGaming industry. We have already touched on the choice of quality casino games but widespread fast internet connections, the continued development of mobile technology, and further integration of the blockchain have all combined over the past two decades to make iGaming big business in Europe.