The massive turnout of the iGaming industry in Europe has been making headlines for quite some time. It would be critically wrong to say that the iGaming industry is massive, as the industry has been able to thrive over several decades across the continent and is still exhibiting an enormous amount of growth.
The gambling market in Europe is enormous; it accounts for 49 percent of the market worldwide, and it is experiencing a surge in popularity among players. The number of people gambling online in European countries is so high that the market share of European online casinos is 23 percent. Statistics show that European gambling revenue in 2022 will reach more than $99 billion. The prime reason could be the legalization of some form of gambling, either in-house or online, in almost all states.
Biggest iGaming Markets and Sectors
Technically, when interpreting the size of the iGaming industry in Europe, we should also consider markets and sectors of the industry and their respective popularity to highlight how enormous the total iGaming industry is.
Malta is hailed as the “iGaming capital of the world." This is attributed to a large number of operators that are located throughout the country and the huge employment opportunities they generate. The Malta Gaming Authority (MGA) is one of the top licensing authorities across Europe. The iGaming industry accounts for 12% of the Maltese economy as of 2018, making it a significant factor in their GDP. Also, major iGaming companies have headquarters in Malta, making it an international gaming hub. However, because Malta has a small population in terms of iGaming users, the impact has been minimal in comparison to the number of iGaming players in other European countries.
Europe’s growth has accelerated
Europe has recorded accelerated rates of iGaming participation in recent years. Sweden, Denmark, and Norway were ranked at the top in this category. Sweden ranked first in terms of player participation, with online gambling accounting for 59 percent of the country's gambling revenue. This has increased significantly, with Swedish digital operators reportedly producing 2.3 billion euros.
In 2019, Denmark had the second-highest turnout rate, with iGaming accounting for 53.1 percent of revenue. iGaming on cell phones was also significant, accounting for 32.3 percent of Danish income. In 2012, Denmark launched its first digital gaming market. Online platforms accounted for 30.8 percent of gambling revenue at the time, indicating that participation has increased significantly.
Norway had the third-highest rate of participation, ensuring that the top three ranking nations were all Scandinavian. This demonstrates the significant impact of iGaming in this region of Europe. The United Kingdom ranked fourth, with 45 percent of gambling revenue coming from online platforms. The availability of a wide range of online betting options, as well as different sportsbook options, may lead to a high turnout in these countries. With more options available across iGaming platforms, companies have been able to reach a larger and more diverse range of customers.
Diving deep into the European iGaming industry reveals that there are many other betting markets that have contributed to the sector's recent growth. A survey shows that online poker accounts for approximately 5% of the market, while bingo accounts for 3%. The lottery, on the other hand, came in third place as the biggest iGaming segment within the industry, making up 17 percent of total gaming income, which is perhaps unsurprising given the continent's large lotteries.
The iGaming industry in Europe is massive, and as we previously stated, any adjective used seems to come across as an understatement. The market may have experienced a drop in figures when compared to previous years, but it has demonstrated a capacity to recover, which many expect to grow in the future.