Much before the neon gambling haven that is Las Vegas took birth, people all across Europe were staking their money on everything from dice games to animal fights. Gambling in European countries dates back centuries, as early as 500BC. The first official casino, however, was established in the 17th century – the Ridotto in Venice, and ever since then, gambling has taken Europe by storm. More recently, due to advances in technology, online casinos are being set up, and they seem to be doing much better than their European counterparts. Here’s a quick look at the size of the European online gambling industry.
The European Online Gambling Industry
Poker, blackjack, roulette – these are just some games that one would typically associate with the casinos of Las Vegas. But did you know that the origins of casinos can be traced back to 17th century Europe? Ridotto, the first-ever official casino was established in 1693. And from then onwards, the online gambling industry in Europe has been on a steady rise.
Over the past few years, there has been a massive growth in the popularity of online casinos. And why wouldn’t there be? Over the past few years, we have seen a loosening of regulation on online gambling. They are so much more convenient and accessible, and not to mention the sheer variety of options for one to choose from.
Online gambling websites give pretty much shower to their customers with several promotions and bonuses. Thus, it comes as no surprise that Europe’s online gambling industry is currently growing at 10% every year, much faster than land-based casinos and bookmaking houses. While the online industry only accounted for 20% of the shares in the European Gambling Market, this number is quickly rising. In fact, it is expected to be at 24% this year. The industry was worth a whopping €19.6 billion back in 2017, and this year, in 2020, it is expected to rise to €24.7 billion.
The Most Popular Gambles Made in Europe
Europe, in fact, pretty much has a monopoly in the global online gambling market and owns 48% of all shares. The only other area that comes close in Asia, which owns 27% of the shares. Established European gambling companies are beginning to get a foothold in other international markets where online gambling is on the rise. Examples include the United States of America, where online betting on sports was recently decriminalized across various states.
Europeans seem to love to bet on sports, as this specific industry accounts for 40% of the total betting profits. Football is especially popular. This is only natural. Europe is home to some of the best teams and competitions in the world. Casino games are also well-liked, as it is the second most popular gambling activity. Online lotteries are too.
When it comes to individual countries, the Italians come out on top, but the United Kingdom follows close behind. Germany, France, and Spain are high up on this list as well. The number of online bettors in France doubled in number from 2018 to 2019. And the number is Britain quadrupled, and these numbers aren’t going to get smaller anytime soon.