The sports betting market has grown beyond our wildest imaginations as a result of massive internet and technical improvements.
Europe's sports betting industry has expanded at an exponential rate, with multiple countries emerging as important sports betting markets, including the United Kingdom, Germany, Italy, Switzerland, and the Netherlands, among others.
The State of the European Sports Betting Market
In 2019, the European gambling market was valued at roughly $111 billion. Online gambling generated $27.6 billion, while land-based gaming generated $83.7 billion.
According to the European Gaming and Betting Association, online betting may account for 33.6 percent of the region's gaming income by 2025. Between 2022 and 2025, licensed sportsbooks may account for over 80% of the market. By 2026, mobile betting might account for 60% of all sports bettors.
According to their market share, these nations led Europe's online gambling income in 2019:
- The UK. (30.1%)
- Germany (11.4%)
- France (9.2%)
- Italy (8.7%)
In December 2021, the EGBA stated that Europe's gambling market revenue climbed by 7.5 percent for the year. Sports betting increased by 19%. However, revenue decreased by 13% in 2019 compared to pre-pandemic levels.
Offshore Online Sportsbooks' Growth
Outside of the United Kingdom, Germany, France, and Italy, several European nations provide legal gambling with varying limits.
The Netherlands
Through the Remote Gambling Act, the Dutch government allowed and regulated online sports betting. The Remote Gambling Act (KOA), first written in 2019, entered into effect on October 1, 2021, enabling players in the nation to place legal sports bets and play casino games online.
The majority of the betting markets available at NL Bookmakers are the same as those found elsewhere. There are, however, a few exceptions.
Dutch operators, in particular, are not permitted to provide spread betting or accept wagers on non-sporting events such as political or entertainment events. Furthermore, betting sites are not permitted to provide lotteries or long-odds bingo games.
Cyprus
A 2012 betting law, for example, required private enterprises to abide by Cyprus law. The legislation forbids horse racing, dog racing, Bitcoin gaming, and other forms of gambling.
A National Betting Authority is responsible for awarding licenses and overseeing gaming activities in Cyprus.
Malta
On the other hand, Malta provides offshore enterprises with one of the world's major remote gaming territories. The Malta Gaming Authority oversees both land-based and online casinos.
In the year 2000, the little European country was among the first to implement internet gambling legislation. It has grown to become one of the top countries for offshore online gambling.
The Isle of Man
The Isle of Man, a self-governing island located between Ireland and England, has an offshore online gambling sanctuary as well. It was the first area to pass legislation promoting gaming enterprises in 2001.
Gibraltar
Gibraltar is another self-governing offshore territory. Gibraltar, located near the southernmost tip of Spain, accounts for approximately 55% of all internet wagering in the United Kingdom.
The sports betting industry employs 12% of the region's 30,000 residents, earning it the moniker “Virtual Las Vegas.”
A Gibraltar Gambling License, which costs roughly €230,750, has become one of the most popular of its type in the world.
Depending on their jurisdiction, gamblers in major European nations can use offshore online sportsbooks. For example, Italian nationals may opt to gamble on sports outside of Italy since their earnings would not be taxed as they would with local organizations.
Europe's Most Popular Sports for Betting
Europe has the world's largest online sports betting market. The most popular sports to wager on will vary according to the area.
Football
When it comes to the most popular market in UK sports betting, there is only one place to start: football, the country's most popular sport. Every week, millions of fans travel to support their favorite club.
Even more, people are always watching the action unfold on television. Many football fans like placing wagers too. The weekly football Acca has evolved into a cultural touchstone. The pre-game speculation over who will score first dominates the bar conversation.
The 2021 FA Cup final drew 8.5 million viewers on average. This demonstrates the game's popularity just on the domestic front. The Champions League final is expected to draw more than half a billion viewers.
Punters have access to thousands of markets across hundreds of leagues and events, 24 hours a day, seven days a week. It is easy to understand why football betting dominates the European sports betting market.
Tennis
Tennis has risen to become the second most popular sport for European gamblers to wagering on. Every year, the sport produces billions of pounds in betting income. Not bad for a sport that, outside of the four big championships of Wimbledon, the US Open, the French Open, and the Australian Open, seldom makes headlines.
The advent of live betting has been crucial in the rise of tennis betting. The fact that bettors may wager on each individual set with the click of a button has increased its popularity. It is also a rather predictable sport in comparison to other sports. The sport is primed for profit, and European gamblers have taken advantage of it.
Overall Dominance
When it comes to betting in Europe as a whole, the United Kingdom is king. According to U.K. Gambling Commission figures, about 80% of polled respondents stated that sports betting was their favorite form of gambling (2018-2022).
A whopping 69.9 percent said horse racing was their favorite sport to bet on. Approximately 31% of all respondents indicated they gambled at least once a week.
The 45 to 54 age group had the highest demographic (48.5%), with the 35 to 44 age group coming in second (47.6%).
Conclusion
Due to its lengthy history, the United Kingdom is Europe's gambling hub. The Betting and Gaming Act of 1960 expanded on prior regulations that had enabled cash betting and local bookmaking firms to prosper.
The combination of universal internet access and smartphone use resulted in the Gambling Act of the United Kingdom in 2005. The act marked the beginning of an era that has flourished throughout the region.
Each nation has established regulatory regimes with distinct licensing requirements and offshore betting havens. As a result, Europe has morphed into a sports betting powerhouse, and its rapid ascent is expected to continue in a post-pandemic future.
