The European gambling market is poised for major growth in the coming years, with online gaming a key component, according to a new study. The report also details the strength of the UK gaming market as a key driver of development.
Conducted by the firm Research and Markets for the European Gaming and Betting Association (EGBA), the study noted that the European market generated revenues of $115.4 billion in 2023. The market is expected to see a compound annual growth rate (CAGR) greater than 5% during the forecast period, which stretches out to 2029.
Online Gaming Making Significant Strides
The innovation and growth the online gaming industry has seen over the last five years is becoming a major part of the continent’s success. Online gaming revenue has grown every year for the last six years with $10.7 billion in 2018 to $17.4 billion in 2022.
“The migration from offline to online gambling was inevitably accompanied by increased revenue associated with online gambling in Europe,” the report notes. “Growing hardware and software innovations, the rising popularity of casino and sports betting gambling, and enhanced internet penetration are driving the European casino gambling market.”
The report also points to mergers over the past few years to help gaming increase their market stake and improve profit margins with the adoption of advanced technologies. Developing innovative regional products to gain a competitive advantage and compete with established players has also paid dividends.
Some of the innovations the study sees as adding to online gaming companies’ high-tech offerings include blockchain, virtual reality, and advanced Internet technology. The UK has been a particular bright spot for the continent and should see more growth in the coming years.
“The United Kingdom is a major European country where casino gambling is highly popular and has registered positive growth over the years,” Research and Markets reports.
“The major casino gambling games such as roulette, blackjack and poker, dice games, and slot machines are popular over others in the United Kingdom. Compared to other countries in Europe, the United Kingdom has higher disposable income, and positive regulations by the government towards gambling games have propelled the market.”
The news in Europe follows another recent report detailing the growth expected for online poker in the coming years. In related news, recent headlines also point to the possibility that the gaming company Entain may be considering a sale of PartyPoker to help boost the company’s stock price.
