The Belgian gambling market under the microscope: H2 CEO sees both opportunities and risks  

During Gaming in Holland in Amsterdam, one presentation attracted a great deal of attention. Not that of a regulator or the CEO of a major provider, but that of Josh Hodgson, COO of H2 Gambling Capital.  

For years, H2 has been regarded as one of the most important data sources within the international gambling industry. When Hodgson presents figures, operators, regulators and investors listen intently.  

After his presentation, Gambling Club spoke with Hodgson in an informal setting. No PowerPoint, no podium. Just an open conversation about the Netherlands, Belgium and the challenges both markets currently face.   

‘The Netherlands has put itself in a difficult position’  

According to Hodgson, the Dutch market remains one of the most interesting regulated gambling markets in Europe.  

‘When the market opened up, the goal was clear: to attract players to legal operators. We call that channelling. But that is precisely where we are now seeing pressure build.’  

That pressure is evident in several studies and market analyses. According to earlier figures from H2, the total Dutch gambling market reached a size of approximately €5.1 billion in 2024. For 2025, however, a decline was expected, mainly due to falling online revenues.  

According to Hodgson, a tension is emerging 

‘You want to protect players. Everyone understands that. But if, at the same time, you restrict bonuses, tighten deposit limits and curb advertising, there is a risk that players will start looking for alternatives.’  

That topic came up several times during Gaming in Holland. The growth of the illegal market is now one of the biggest concerns within the Dutch market. This year’s conference itself was also largely focused on regaining market share from illegal operators.  

Belgium is watching  

Although the focus at Gaming in Holland was naturally on the Netherlands, Belgium was regularly mentioned.  

According to Hodgson, both countries find themselves in a similar situation.  

“Belgium is often slightly ahead of the Netherlands when it comes to regulation. The total ban on gambling sponsorship and the strict restrictions on advertising are now a reality there. The question is what effect this will have on channelling in the long term.”  

For the Belgian market, there is an increasing focus on striking a balance between consumer protection and the competitiveness of legal providers.  

‘A licence holder must remain attractive enough to players. Otherwise, activity will shift to parties that pay no heed to local rules.’  

This is not a problem unique to the Netherlands or Belgium. Across Europe, regulated markets are grappling with the same question: how do you protect players without making the legal offering less attractive than the illegal alternative?  

The figures tell a bigger story  

During his presentation, Hodgson showed that online gambling in Europe is still growing faster than land-based gambling. H2 expects significantly higher growth for online gambling than for physical casinos and gaming halls in the coming years.  

According to him, the discussion is therefore not solely about turnover.  

“The real question is where players end up. A regulated market is only successful when players actually choose licensed providers.”  

That is precisely why policymakers, regulators and operators are so focused on channelling rates.  

‘The next two years will be decisive’  

As the coffee runs out, the conversation naturally turns to the future.  

Hodgson expects that both the Netherlands and Belgium will have to make important choices in the coming years.  

‘The intentions behind stricter rules are often good. But ultimately, you have to look at the effect. Not at what you hope will happen, but at what players actually do.’  

That also seems to be the key message of his presentation at Gaming in Holland. 

The debate on gambling is no longer just about advertising, bonuses or tax rates. The key question has become much more fundamental.  

How do you keep players within the regulated system?  

For both the Netherlands and Belgium, this looks set to be the challenge that will shape the market in the coming years.