Europe: The Global Leaders in Gambling
Updated: Jul 30, 2021
Did you know that the European gambling market is estimated to grow by 9.20% by 2025?
Did you know that the European gambling market is estimated to grow by 9.20% by 2025? The growth is due to hardware and software innovation plus the increase in sports betting popularity with enhanced internet connection. Besides, games like online casino offers gambling services in Europe to increase their market stakes and improve their profit margins. To gain competitive advantages, gambling companies are developing innovative offerings like signing up partnerships with major industry stakeholders. With the market being almost worth $40 billion, it is regulated by the law, and companies must have a license for them to operate. Below are what makes Europe the global leader in the gambling world:
High Revenue from Gambling
Revenue is the ideal measure of the economy in any industry. The gambling industry in Europe has posted estimated annual revenue of $34.5 billion; this means that the yearly amount a gambler spends per capita is $72.33. This confirms that Europeans devote a lot to gambling. Besides, all aspiring gaming companies have to apply for a gambling commission license, hence weeding out unscrupulous companies. Again, obtaining a gambling license is straightforward, allowing many players to join the industry, leading to healthy competition.
The Huge SportsBetting Market
Football is the most popular sport in Europe; many fans extend their love for football to betting sites. Remember, football has a huge following; so many wagers are on sports betting online. Online casinos have many options for betting in football. For example, you can bet on the result of the first half, second half, who will score first, score the most goals, the number of corner kicks, and even the number of cards in the game. Investing in gambling is good for business since both the punter and the company stand better in making money. Due to the variety of betting options, the number of players in Europe has grown by more than 50%, making the betting operators gain.
Europe Being a Leader in Digital Entertainment
When it comes to digital entertainment, Europe is the largest due to its web-based gambling. They are engaging a large portion of the audience because Europe dominates the global market. They have a body with strict regulations which instill trust in gamblers by working with national authorities. They also have companies that offer premier services by adhering to strict policies, making them accountable gambling operators.
The Gambling Regulations in Europe
In most European countries, gambling is allowed. The individual countries are responsible for passing their legislation to comply with the European Union’s fundamental freedoms. Similarly, some jurisdictions have formed monopolistic regimes which offer gambling services. And they are operated by private operators or state-controlled public operators. However, they allow more than one company to provide the services; hence no provider is favored over the other. Besides, the industry is characterized by different regulatory frameworks which ensure they comply with EU laws.
Europeans enjoy gambling because most of the biggest companies in the gambling industry are found there. Legislatures in European nations have legalized online gambling allowing citizens to gamble freely. Due to the massive growth in online gambling, the revenues have grown, attracting many business entities. Again, an increase in online gambling benefits other sectors like internet providers since they enjoy a scale of economies.
Source : www.europeanbusinessreview.com