Europe’s iGaming market expected to generate revenue of €41.7bn in 2023
The iGaming industry in Europe is expected to see a significant increase in gross gaming revenue (GGR) in the coming years, with projections of €41.7bn in 2023 and €44bn in 2024.
According to a report published by the European Gaming and Betting Association (EGBA) in partnership with H2 Gambling Capital, online GGR also increased by 8% from 2021 and reached €38.2bn in 2022.
Moreover, EGBA said it expects online GGR to continue to grow in the years ahead so that the EU and the UK market will have a combined GGR of €54.3bn by 2027.
The body also noted that the entire European gambling industry saw a 23% increase in revenue this year as casinos and betting shops reopened after the pandemic.
Total GGR reached €108.5bn in 2022, up 8% on 2019, the last pre-pandemic year, according to the report.
EGBA said while steady growth in online gambling revenue continued in 2022, land-based revenue “rebounded significantly” to €70.3bn, up 34% from 2021 but down 6% from 2019.
EGBA secretary general Maarten Haijer commented: “Europe’s gambling market began to stabilise this year following the unprecedented upheaval and disruption of the pandemic.
“While the steady upward trend of online gambling continues, land-based gambling is now rebounding from the widespread shutdowns of casinos and betting shops during the past two years.
“The World Cup provided an uplift for operators this year, with several unexpected match results being friendly to the bookmakers,” he added.
In 2022, casino was Europe’s most popular online gambling product by revenue, reaching €14.9bn GGR and accounting for 39% of Europe’s online gambling revenue.
Sports and other types of betting were close behind, generating €13.6bn in GGR and accounting for 35% of Europe’s total online gambling revenue.
The share of Europe’s online activity taking place on mobile devices also continued its growth trend in 2022, with 53% of online bets placed on mobile devices and 47% of online bets placed from desktops.