Spain sees online gambling revenues grow

Online gambling in Spain is booming. In the third quarter of 2023, online gambling revenues increased by a whopping 14.4% compared to last year, to an impressive €348.1 million.

Not only that, but the figure was also slightly higher than in the second quarter. This has everything to do with the relaxed gambling rules, such as the return of welcome bonuses and the use of celebrities in advertisements. Yes, that kind of thing still works.

Key figures for the Spanish online gambling market in Q3 2023:

Online GGR:

• €348.1 million (14.4% increase year-on-year).
• 0.5% higher than Q2 (€346.3 million).

Casino GGR:

• €188 million (17.3% increase year-on-year).
• 9.5% higher than Q2.
• Blackjack: +49.4% growth. Slots: +25.8% growth.

Sports Betting GGR:

• €135.9 million (6.6% decrease QoQ).
• 19.8% increase YoY.
• Pre-match Betting: -24.3%.
• Live Betting: +8.7%.

Poker GGR:

• €20.5 million (19.7% decrease QoQ).
• 23.5% decrease YoY.

Bingo GGR:

• €3.7 million (0.7% increase QoQ).
• 1.7% increase YoY.

Marketing Expenses:

• Total: €131.7 million (9.7% growth QoQ).
• Promotions: €66.9 million.
• Advertising: €50.4 million.
• Affiliates: €13.2 million.
• Sponsorship: €1.3 million.

Active accounts:

• 1,443,615 active accounts per month (up 33.3% year-on-year).

New accounts:

• 153,181 new accounts per month (up 42.4% year-on-year).

Casinos gain ground as sports betting struggles

Casinos were the big winners. With a turnover of €188 million in the third quarter, they account for more than half of total revenue. Blackjack and slots in particular performed well, with increases of 49.4% and 25.8% respectively. Sports betting had a bit of a tougher time. 

Despite Spain’s glorious victory at the European Championship, sports betting revenue fell by 6.6% compared to the previous quarter. But compared to last year, things are still going in the right direction, with growth of almost 20%.

Poker falls out of favour

Poker, on the other hand, is in the corner where the blows fall. Revenues fell by almost 20% compared to the previous quarter. It seems that Spanish players are increasingly reluctant to play a good old game of cards. Bingo is still going strong, albeit with a small growth of 0.7%.

Marketing makes a comeback

Since the easing of advertising restrictions, we have seen companies go all out again. In the third quarter, gambling companies spent over €131 million on marketing. That is almost 10% more than in the second quarter. And guess what? It works. The number of active gambling accounts per month has increased by a third, and new accounts have increased by more than 40%. Apparently that celebrity advertising campaign is having an impact after all.

Codere sees opportunities in a changing market

Codere Online, a major player in the Spanish gambling market, is feeling the positive vibes. According to their CEO, Aviv Sher, the company is attracting players who not only play more often, but also stay longer. That is worth gold in this industry. Although those welcome bonuses are a bit of a margin squeeze, they are happy with how the market is developing.

What does this mean for the future?

The growth of the online gambling market in Spain shows how quickly things can change when the rules are relaxed. Whether this pace will continue is a question for later. But for now, it seems that gambling in Spain is more profitable than it is profitable.