Expansion of European Gambling Sector Reaches €123.4 Billion by 2024, with Rapid Growth in Online Segment
In 2024, Europe's gambling industry exploded, raking in a whopping €123.4 billion ($133.5 billion) - a cool 5% increase from the previous year. This growth spurt is all thanks to a joint report by the European Gaming and Betting Association (EGBA) and H2 Gambling Capital.
The Rise of Online Betting
Online gambling took center stage in 2024, with a staggering increase in revenue to €47.9 billion ($51.8 billion). Even though land-based gambling grew too, hitting €75.5 billion ($81.6 billion), the online gambling industry grew faster. This boom was mainly fueled by mobile devices, which accounted for a whopping 58% of online gambling earnings!
Although land-based gambling still holds the majority market share (61%), online gambling has been a fast-growing contender, rising from 37% in 2023 to 39% in 2024. And projections show that online gambling is only going to strengthen its grip on the market, with a 40% share expected by 2025.
Key findings from the report include:
- Lottery games dominated the revenue landscape at €38 billion ($41 billion), with land-based lotteries making up the vast majority (€30.9 billion/$33.4 billion).
Hit the Jackpot at 7Bit Casino! €3000 & 77 Free Spins! Sign up today and enjoy an exclusive bonus! Learn More* Casino games pocketed €30 billion ($32.4 billion), with the online segment pulling in a substantial €21.5 billion ($23.3 billion).* Gaming machines stuck to land-based grounds, generating €24.9 billion ($26.9 billion).* Sports and event betting raked in €20.1 billion ($21.7 billion), with online betting accounting for a massive €13.7 billion ($14.8 billion).
European countries showed varying degrees of online gambling adoption. Sweden (68.3%), Finland (68.1%), and Denmark led the pack in online market penetration. On the other end of the spectrum, Spain trailed with only 14.2% of its gambling revenue coming from online channels.
The UK cemented its status as Europe's largest gambling market, generating €30.8 billion ($33 billion) in revenue. Italy (€25.5 billion/$27.5 billion), France (€17.8 billion/$19.2 billion), and Germany (€17.7 billion/$19.1 billion) followed closely behind.
Maarten Haijer, EGBA Secretary General, had this to say about the gambling market's growth: "Europe's gambling market demonstrated remarkable growth in 2024. While land-based gambling remains dominant and continues to grow, online channels are gaining traction, driven by shifting consumer preferences and technological advancements."
He further stressed his expectations for the online sector: "Moving forward to 2025, we anticipate online gambling to eclipse the significant 40% market share milestone. This trend is projected to continue in the coming years, with online gambling approaching parity with land-based gambling by 2029."
The report forecasts that Europe's total gambling market will swell to €127.7 billion ($138.2 billion) in 2025 and could reach €149.2 billion ($161.3 billion) by 2029, with online gambling leading this expansion.
[1] European Gaming and Betting Association (EGBA) and H2 Gambling Capital. (2024). European Gambling Market Report 2024-2029. Retrieved from [report link]
- The growth in Europe's gambling market in 2024, which saw online gaming and betting significantly increasing, can be attributed to technological advancements and shifting consumer preferences.
- By 2025, online gambling is projected to exceed a 40% market share in Europe, a trend that is expected to continue, indicating the increasing dominance of technology in the gambling industry.
