The European online gambling scene is expected to reach record-breaking highs in terms of revenue, with experts predicting that the market can reap $107.3 billion in revenue by the end of 2024, and around $138 billion by 2028.
Currently, the European online gambling market size is hovering around USD 52 billion during the first five months of 2024. Experts estimate that this number will continue to rise as the year progresses, and given the current market indicators and trends, it can grow to breach USD 100 billion in a couple of years.
What are the Factors Affecting Online Casino Growth in Europe?
Europe is notorious for its stringent rules and regulations when it comes to online casinos and online gambling in general. However, the past few years have seen the online casino industry adapt to current trends, particularly in technological advancements.
Casino gambling, especially online casino gambling, relies heavily on technology that maximizes user experience. As technology has been developing ways to access various forms of entertainment easier for users, so does the online casino industry.
The use of blockchain, virtual reality, and mobile devices and platforms are becoming popular in the gambling industry across Europe. This is why most online casino operators are utilizing software to integrate and develop the gaming experience of the consumers.
Better Internet Connection and Streaming Environment
Perhaps the most impactful development in most European countries is the advent of better internet connectivity. During the late 2010s, having reliable internet connection was hard to come by in various European countries.
However, nowadays connectivity is now more accessible for users. If a user is looking for the latest slot games, they can do so by simply browsing the internet. Recent data also noted that 68% of gamers in Europe prefer to play on mobile devices, highlighting the convenience and accessibility of online platforms.
Streaming technology has also come a long way. For people who wish to play their favorite card and table games, but cannot go to their nearest conventional casino establishment, there are now live dealer options available on their devices.
On the side of technological compatibility, some online casino game developers have also utilized backward compatibility integration for their games to accommodate users who might have older devices. Such initiatives help attract new players and retain older ones, since this allows players to be less burdened by clicking multiple links just to play their favorite casino titles.
Societal Acceptance of Online Gambling
While Europe has various strict rules on online gambling and online casinos, over the recent years, people have been more accepting of online gambling and online casinos as a legitimate form of entertainment.
There is a general consensus that online casinos and online gambling in European countries are regulated, therefore users feel more secure whenever they play their favorite casino games online. As a result, many European countries have moved towards regulating or fully legalizing online gambling, essentially removing previous barriers. This equates to the increasing number of active players.
Moreover, this regulatory shift has not only facilitated market growth but has also contributed to higher turnover rates.
UK Leading the Online Casinos and Online Gambling Market
The United Kingdom has been leading the growth of online casinos and online gambling over recent years. This is due in large part to the country’s population having higher disposable income compared to other European countries. This equates to UK citizens looking for different forms of entertainment where they can spend their leisure time.
When it comes to online casino games, UK citizens have reportedly been enjoying online slot games for real money, card and table games like blackjack, and roulette. That said, the UK is also known for having one of the strictest online casino and gambling rules and regulations. The UK Gambling Commission (UKGC) is the governing entity that regulates gambling activity in the region.
Online casino operators need to register and abide by the rules placed by the UKGC. If the UKGC feels that any one online gaming company is not abiding by the rules or is mistreating customers, they have the authority to revoke their operating license.
More Access to Different Currency Options
Speaking of disposable income, European countries have more access to different currency options whenever they start playing online casino games. Most online casinos still offer conventional payment methods such as credit and debit cards, but other online casinos also accommodate various crypto currencies, and even incentivizes the use of specific crypto currencies which will give users different in-game bonuses.
The availability of various banking options online casinos provide for their players add another layer of convenience since crypto currencies offer faster transactions for users and online casino operators.
What’s Next for the European Online Casino Market?
Given so many developments within the online casino industry over recent years, the European online casino gaming market is set to continue its upward trajectory.
Experts are anticipating that the online casino market turnover will reach $138.1 billion by 2028, reflecting ongoing growth in popularity and market influence. However, this growth is not without challenges. While most European countries’ policymakers have been becoming more receptive to online casinos, there are still monitoring and ensuring online casino operators are abiding by the rules they have set.
One particular issue the governing bodies are concerned with is the increasing availability of online gambling becoming a possible gateway to users developing gambling addiction. As such, the need for responsible gambling measures is also being discussed to ensure the populace are enjoying their online casino games in a safe environment.
For online casinos, operators are expected to invest more in continuous innovation and technology to stay ahead in the competitive landscape. This includes coming up with new games, improving platform performance, and maintaining high standards of security and privacy for its users.
Last Updated on by jonathan r
