The sports betting market is on the rise everywhere around the world. According to a report issued by Grand View Research in October 2021, the global sports betting market could have a value of $140.26 billion by 2028.
The global sports betting market’s compound annual growth rate (CAGR) could be 10% between 2021 and 2028.
Europe dominated the market share in 2020, with one survey tallying 47% of Brits who had gambled in the previous four weeks.
Let’s take a closer look at the current state of sports gambling in Europe.
The Current State of Sports Gambling Market in Europe
The European gambling market was worth approximately $111 billion in 2019. About $27.6 billion came from online wagering, while $83.7 billion came from land-based gambling.
By 2025, the European Gaming and Betting Association projects online gambling might be worth 33.6% of the region’s gaming revenue (EU-27 and UK).
Gambling through regulated sportsbooks may hover around 80% of the market share between 2022-2025. Mobile betting could reach 60% of all online wagers by 2026.
These countries topped Europe’s online gambling revenue in 2019 per their market share:
*U.K. (30.1%)
*Germany (11.4%)
*France (9.2%)
*Italy (8.7%)
The EGBA reported in December 2021 that Europe’s gambling market revenue increased by 7.5% for the year. Online betting grew by 19%.
However, revenue declined by 13% compared to pre-pandemic levels in 2019.
Top companies for the region based on revenue include:
*Flutter – 4.398 billion GPB (2020)
*Entain – 3.562 billion Euro (2020)
*Bet365 – 2.981 billion GPB (2019)
*William Hill – 1.324 billion GBP (2020)
There are 234 online gambling licenses spread across 19 European countries.
The Boost of Offshore Online Sportsbooks
Other European countries offer legal gambling with different restrictions outside of the U.K., Germany, France, and Italy.
For example, a 2012 Betting Law stipulated that private companies follow Cyprus’s law’s provisions. The law prohibits horse betting, dog racing, Bitcoin gambling, and more.
A National Betting Authority assumes the regulatory authority for issuing licenses and oversight of gambling activities within Cyprus.
Malta, however, offers offshore companies one of the largest remote gambling regions in the world. The Malta Gaming Authority regulates land-based casinos and their online offerings.
The tiny European country was among the first to introduce online gambling regulations in 2000. It developed into one of the top countries for offshore online gambling.
The Isle of Man, a self-governing island between Ireland and England, also boasts an offshore online gambling haven. In 2001, it became the first region to introduce legislation favoring gambling companies.
The Gambling Supervision Commission oversees the industry on the island.
Gibraltar acts as another self-governing offshore region. Located on the southern tip of Spain, approximately 55% of online wagering in the U.K. comes from Gibraltar.
Nicknamed the “Virtual Las Vegas,” 12% of the region’s 30,000 residents find employment in the online gambling industry.
With a hefty price tag of about €230,750, a Gibraltar Gambling License became one of the most popular of its kind around the world.
Gamblers in major European countries may access offshore online sportsbooks depending on their jurisdictions. For example, Italian citizens might prefer to go offshore with their sports wagers since their winnings wouldn’t be taxable as they would be with domestic companies.
You can get more information on the most trusted and reliable online sportsbooks from Safest Betting Sites.
Most Popular Sports To Bet on in Europe
Europe consists of the largest online gambling market for sports betting. The most popular sports to bet on will depend on regional preferences.
In Italy, football (soccer) took in €10.4 billion in 2019 and €9.7 billion in 2020. In England, horse racing took in a gross gambling yield (GGY) of 136 million GBP from off-course betting between April-September in 2020.
In June 2021, Entain reported three million fans would place bets on the delayed 2020 UEFA European Championships—double the amount from the World Cup in 2018.
In the months leading up to the event, 50% of the 1.5 million bets placed between January-May came from the U.K.
Elsewhere, betting on football and horse racing is widespread across most European countries, including Austria, Denmark, Germany, Norway, and Spain.
An emerging gambling market in Portugal saw a 224.5% increase in sports betting revenue in Q2 2021 compared to the previous year. Football took in 77.48% of the country’s sports betting volume during the quarter.
Popular leagues included the Portuguese Premier League, the English Premier League, and the Spanish La Liga.
Basketball and tennis totaled 18% of betting volume in the country during that period.
The Rugby Union is popular in the U.K., France, Ireland, and Italy, while boxing is also popular.
When it comes to betting in Europe overall, Britain dominates. About 80% of surveyed respondents claimed that sports betting was their preferred choice of gambling per statistics from the U.K. Gambling Commission (2018-2020).
A whopping 69.9% chose horse racing as their top sport for their wagers. Around 31% of overall respondents said they gambled at least once a week.
The largest demographic came from the 45 to 54 age group (48.5%), while the second came from the 35 to 44 age group (47.6%).
Online betting was the top industry sector with a 15.5% increase in gross gaming yield in the year before the pandemic.
Final Thoughts
Europe’s gambling epicenter comes from the U.K. due to its long withstanding history. The Betting and Gaming Act of 1960 built upon legislation in the previous century that had allowed cash betting and local bookmaking shops to thrive.
Universal internet adoption paired with a smartphone led to Britain’s 2005 Gambling Act. The legislation ushered in an era that has flourished across the region.
Each jurisdiction developed regulatory environments with unique licensing requirements and alternative offshore betting havens.
For that reason, Europe transformed into a gambling mecca that will likely continue its meteoric rise in a post-pandemic world.
Author’s bio
Bryan Myers is a freelance writer from the U.S. In 2019, he traveled to 12 countries around the world. Currently, he’s in Ecuador after visiting San Juan, Puerto Rico. He’s been writing for Safest Betting Sites since August 2019, covering the 2020 U.S. Election, entertainment, crypto, online casinos, and sports betting.
