Top-tier online operators possess the ability to discern prevalent trends within the online gambling market and adapt their betting platforms accordingly. As an illustration, the European sports betting sector enjoys widespread popularity, which is why numerous online sportsbooks customize their betting interfaces to cater to the European audience.
The finest European betting websites offer several crucial features that you should consistently seek. For instance, an exceptional online bookmaker consistently provides favorable and equitable odds for all available betting choices on their platform. Likewise, the sportsbook operator should present a diverse array of sports gambling options, frequently including additional features like live in-play betting services for players.
Online gambling in Europe is undergoing substantial expansion, propelled by technological advancements like virtual reality, blockchain, and mobile platforms. The transition from traditional to digital betting has resulted in increased revenue, prompting major players to pursue mergers to expand their market presence. Innovations in blockchain, the Internet of Things (IoT), and virtual reality (VR) are reshaping the landscape of the online gambling industry. The European market, spearheaded by the United Kingdom, is categorized by game type, end-user, and geographical regions, with a primary focus on sports betting, online casinos, lotteries, and bingo.
Analysis of the European Online Gambling Market
The size of the European online gambling market is projected to grow from USD 47.11 billion in 2023 to USD 79.42 billion by 2028, at a compound annual growth rate (CAGR) of 11.01% during the forecast period (2023-2028). Casino gambling has emerged as one of the rapidly expanding segments due to its convenience and exceptional user experience. The integration of technology, including virtual reality, blockchain, and mobile platforms, has gained prominence in the European gambling industry. Consequently, vendors are collaborating with software suppliers such as NetEnt and Evolution Gaming to enhance the gaming experience for consumers.
This shift from offline to online gambling has inevitably led to increased revenue associated with online betting. Factors driving the growth of the European online gambling market include continuous advancements in hardware and software, the surging popularity of casino and sports betting, and improved internet penetration. Key market players have pursued mergers in recent years to augment their market share and enhance profitability. For example, the merger of Paddy Power PLC and Betfair PLC resulted in the formation of Paddy Power Betfair PLC. Companies are also devising innovative regional offerings to gain a competitive edge and compete with established players. Notably, 888 Holdings, a leading casino company in the United Kingdom, forged a new gaming partnership with software developer Microgaming.
The emergence of blockchain, IoT, and VR is transforming the landscape of online gambling, with virtual reality and VR headsets gaining significant popularity and revolutionizing the online betting experience.
Trends in the European Online Gambling Market
There is a growing interest in draw-based and scratch-off instant games, particularly in European countries, which could have a positive impact on market growth. The popularity of online gambling has surged globally, driven by innovation, deregulation in key nations, and the influence of the pandemic.
In Europe, attitudes toward gambling have become more stringent, although internet gambling is considered a regulated industry. While certain restrictions on online gaming persist in France, accounting for the 13% of individuals who view the laws as overly strict, a smaller percentage in Great Britain and Italy share this sentiment. According to the International Gambling Report 2021, 63% of global gamblers now prefer online gambling over traditional gambling. This preference is primarily fueled by lottery and sports betting among individuals who have engaged in online gambling within the last 12 months (constituting 17% of global respondents).
Countries such as Great Britain and Italy, where online gambling is widely accepted as a leisure activity, are driving the market's growth.
