Latest Figures Show Continued Growth for Spain’s Online Gaming Market
Posted on: March 1, 2023, 06:42h.
Last updated on: March 1, 2023, 06:42h.
Once again, gaming is a key ingredient to the success of Spain’s economy. The General Directorate for the Regulation of Gambling (DGOJ, for its Spanish acronym), the regulator of the country’s gambling sector, reported a 31% year-on-year increase in online gaming revenue for Q3 of last year.
The DGOJ recently published its latest financial data, reporting that the gross gaming revenue (GGR) for the period was €240.83 million (US$257.31 million). This implies an increase of 18.08% compared to the previous quarter and 31.29% compared to the same quarter a year earlier.
The numbers underpin an activity that is increasingly adding new followers in the country. Some of the factors that explain this growth in the segment include an increase in the use of tech devices and overall investments in a digital society in Spain.
Digital Gains Ground
Per the DGOJ data, €127.95 million (US$136.7 million) of the total, or 53.13%, went to online casino gaming. It was followed by the sports betting vertical, with €89.04 million (US$95.12 million). This was enough to capture 36.97% of the total.
Online poker jumped, as well, adding 8.36% over the same period a year earlier when it closed at €20.14 million (US$21.45 million). However, this was a drop of 10.6% from the previous quarter.
Thanks to its €3.68 million (US$3.92 million), Bingo saw a quarter-over-quarter increase of 9.63% and a year-on-year increase of 4.64%. Lastly, online sweepstakes grabbed a mere €300,000 (US$319,500).
The sports betting segment grew 46.20% compared to the previous quarter and 48.61% compared to the same quarter last year. Conventional straight bets increased by 19.21% and direct bets by 76.04% compared to the previous quarter.
Horse race betting decreased by 33.27%, while straight bets on other activities registered a quarter-over-quarter increase of 99.33%.
Shifting The Paradigm
In addition to the increase in digital technology usage, one of the big factors behind the increase in online gaming is COVID-19. The arrival of the pandemic caused the closure of the majority of casinos and physical gaming venues.
This generated a significant loss of profits and forced the gaming industry to seek alternative sources of income. However, it also served as a catalyst for the growth of the entire digital ecosystem.
Amid the COVID-19-induced lockdowns, people had fewer entertainment options, and the Internet became immensely more popular. As a result, more people embraced online gaming and never looked back.
Currently, the online gaming industry is busy daily looking for ways to improve the experience of its users. Operators and developers are relying more on data measurement tools and cutting-edge innovation to create new options. The result is an even higher degree of interest that is driving even more innovation and advancement.
As a result, the cycle will continue, and online gaming will gain more ground. Previous analysis has shown how online gaming is one of the biggest drivers of the Spanish economy and, as a result, the gaming industry is going to look very different 10 years from now.