The European online gambling market is expected to reach $ 52.30 billion in 2024 and grow to $ 88.16 billion in 2029 with an average annual growth rate of 11.01%. Betsson AB, 888 Holdings PLC, The Stars Group Inc., Entain PLC and Caesars Entertainment, Inc.are the largest companies operating in this market.
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Online gambling is experiencing significant growth in Europe, driven by technological advances such as virtual reality, blockchain and mobile platforms. The transition from traditional to digital betting has led to an increase in sales, with large providers focusing on mergers to increase their market share. Innovations in the fields of blockchain, IoT and VR are revolutionizing the cyber gambling industry. The UK-led market is segmented by game type, end-user and geography, with a focus on sports betting, casino, lottery and bingo.
The size of the European online gambling market is estimated at $ 52.30 billion in 2024 and is expected to reach $ 88.16 billion by 2029, which corresponds to an average annual growth of 11.01% over the forecast period (2024-2029).
Casino gambling is one of the fastest growing gambling categories due to its convenience and optimal user experience. With the advent of technology, virtual reality, blockchain and mobile platforms are becoming increasingly popular in the gambling industry across Europe. For this reason, the providers use software providers such as NetEnt, Endorphina, Nolimit City and Evolution Gaming to integrate and further develop the gaming experience of consumers. This migration from offline to online gambling was inevitably accompanied by higher revenues related to online gambling. Increasing hardware and software innovations, the increasing popularity of USDT casinos and sports betting gambling and increasing Internet penetration are expected to drive the growth of the European online gambling market.
The dominant players have focused on mergers in recent years to increase their market share and improve profit margins. For example, Paddy Power PLC and Bet fair PLC merged to form Paddy Power Betfair PLC. Companies are developing innovative regional offers in order to gain a competitive advantage and to compete with established players. For example, 888 Holdings, one of the UK’s leading casino companies, has signed a new gaming partnership with the software manufacturer Microgaming. Blockchain, IoT and VR are changing the field of online gambling. Virtual reality and VR headsets have been enjoying great popularity lately and are a revolutionary addition to online gambling.
The popularity of instant games for Crash Games (Aviator, Chicken Road, JetX, Plinko, Spaceman) and scratch cards has increased, especially in European countries, which could have a positive impact on the growth of the market under study. The popularity of online gambling has increased worldwide, which is due to innovations, deregulation in major countries and the pandemic.
In Europe, the attitude to gambling has intensified. However, in Europe, Internet gambling is considered a regulated industry. While there are still many restrictions on Internet gambling in France, which is why 13% of people think the laws are too strict, fewer people in the UK and Italy would agree with this view. However, according to the International Gambling Report 2021, 63% of players worldwide now prefer online gambling to offline gambling. This preference is mainly driven by lottery and sports betting among those who have played online gambling in the last 12 months (17% of respondents worldwide).
The drivers of the market are countries such as the UK and Italy, where there seems to be a higher acceptance of online gambling as a leisure activity.
Some major players in the European online gambling market are Bet365, 888 Holdings PLC, GVC Holdings PLC, Stake, Entain PLC (William Hill PLC) and Betsson AB. Many online gambling companies rely on third-party providers such as Playtech for software solutions. However, some companies are opting for backward integration with technology providers.
For example, 888poker has invested a lot in the development of its software and online gaming technology and was not primarily dependent on suppliers. Similarly, William Hill, a bookmaker in the United Kingdom, focused on backward integration and therefore acquired Grand Parade, a software development company. The market is highly fragmented and due to the high opportunities in the coming years, new players are pushing into the market.
The size of the European online gambling market is expected to reach $ 52.30 billion in 2024 and grow to $ 88.16 billion by 2029 with an annual growth rate of 11.01%.
In 2024, the size of the European online gambling market is expected to reach $ 52.30 billion.
Betsson AB, 888 Holdings PLC, The Stars Group Inc., Entain PLC, Caesars Entertainment, Inc. are the largest companies operating in the European online gambling market.
In 2023, the size of the European online gambling market was estimated at $ 47.11 billion. The report covers the historical market size of the European online gambling market for the years 2019, 2020, 2021, 2022 and 2023. The report also forecasts the size of the European online gambling market for the years 2024, 2025, 2026, 2027, 2028 and 2029.
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