Belgium pays out more, the Netherlands shows major differences: what does RTP really tell us? 

The same name, the same symbols and the same music. Yet an online slot can have a different theoretical return-to-player percentage at one Dutch casino than at another. Meanwhile, Belgian industry figures show a rising payout percentage. Does this mean players in Belgium are better off? That conclusion may sound logical, but the figures measure different things. 

In Belgium, the calculated payout percentage for casinos holding an A or A+ licence reached approximately 96.53% in 2025. Two years earlier, it stood at 95.94%. This figure represents the relationship between recorded wagers and actual payouts across land-based and online casinos combined. 

A Dutch study by CasinoNieuws.nl examines something different: the theoretical return-to-player percentages of selected online slots at various operators. Together, these findings highlight why RTP deserves attention. However, they do not directly answer the question of which country offers the most favourable gambling conditions on average. 

What does Belgium’s 96.53% actually mean? 

According to the calculations provided, based on financial data from the Belgian Gaming Commission, Belgian casinos holding an A or A+ licence recorded approximately €20.38 billion in wagers in 2025. Of that amount, approximately €19.67 billion was paid out. Gross gaming revenue (GGR) amounted to €706.4 million. 

Gross gaming revenue is the difference between wagers and payouts. It is not net profit: taxes, staff costs, technology expenses and other operating costs still need to be deducted. 

The ratio between gross gaming revenue and total wagers is approximately 3.47%. Conversely, around 96.53% of the total wagering volume was paid out. Because the published figures in billions are rounded, a simple calculation using those rounded totals may produce a slightly different result. 

Gambling Club previously explained how casino revenues developed in its overview of the Belgian Gaming Commission’s 2025 annual report. The combined gross gaming revenue of A and A+ casinos actually increased by 11.37%. A higher payout percentage therefore does not automatically mean casinos earn less: the total wagering volume also matters. 

Wagering volume is different from deposited money 

The €20.38 billion figure can easily be misunderstood. It does not mean that players collectively transferred that amount from their bank accounts to casinos. Winnings that are wagered again are counted again in the total wagering volume. 

A simple example illustrates this. Someone wagers €10 and receives an €8 payout. They then wager that €8 again. The recorded wagering volume is already €18, even though the original amount was only €10. Over many consecutive rounds, the difference between deposits and total wagers can become substantial. 

This is why 96.53% should not be interpreted as the percentage of all deposits that players eventually withdraw to their bank accounts. It refers to payouts within gambling activity, where the same money may circulate several times. 

This distinction is important in any comparison between Belgium and the Netherlands. Without consistent definitions of wagers, payouts and measurement periods, it is easy to draw conclusions that the data does not support. 

Belgium shows an increase over three years 

The calculations provided, based on Belgian Gaming Commission data, show rising payout percentages for both casinos and slot machine arcades. 

Belgian licence category	2023	2024	2025
Casinos, A and A+ combined	95.94%	96.42%	96.53%
Slot machine arcades, B and B+ combined	96.82%	97.03%	97.22%

These are aggregated percentages for each licence category. They do not mean that every operator, game or player achieved the same result. Nor should the casino figures be presented as an average for online slots alone. 

Nevertheless, the trend is clear: for casinos, the percentage increased by 0.48 percentage points between 2023 and 2024. Between 2024 and 2025, the increase was 0.11 percentage points. The largest rise therefore occurred during the first of those two annual intervals. 

The underlying reports are available in the Belgian Gaming Commission’s official collection of annual reports and financial statements. A more detailed comparison would require breakdowns by game type, online and land-based activities, and individual operators. 

The Netherlands examined different RTP settings for the same games 

Between October 6 and 8, 2026, CasinoNieuws.nl examined 40 popular slots from ten game providers across 28 licensed Dutch online casinos. The Dutch RTP study published in October 2026 compared which theoretical RTP versions of these games were available. 

For example, Book of Dead was found with an RTP of 91.25%, while four other casinos in the study offered a 96.21% version. For Starburst, RTP ranged from 92.05% to 96.09%. The same game title therefore does not guarantee the same theoretical payout percentage. 

This is a different measurement from the Belgian annual figures. Theoretical RTP describes the expected payout of a game over a very large number of rounds. The Belgian industry calculation looks back at actual recorded financial flows over a specific period. 

A theoretical percentage and an actual payout percentage can also differ. Randomness affects real-world results. In an aggregated industry average, another factor comes into play: players choose different games and wager varying amounts on them. 

Why the Dutch ranking does not settle the country comparison 

Bingoal ranked first in the Dutch study. For all 24 games examined that the operator offered, it provided the highest RTP version identified on the Dutch market. It was followed by 711 and Starcasino. 

The ranking uses a score based on RTP tiers: how many available levels below the highest tier is the version offered by an operator? A score of 0.00 represents the most favourable result. It is not the average payout percentage of the casino’s entire game selection. 

The number of games examined also varied between casinos. Not every operator offered all 40 selected titles. The ranking therefore provides useful information about the games included in the study, but it does not automatically describe every game offered by a casino. 

For Belgium, there is an additional limitation. A score obtained under a Dutch casino licence cannot simply be applied to a Belgian website operating under the same brand name. The market, available games and versions offered must match before such a conclusion can be drawn. 

A difference of a few percentage points really matters 

Imagine two theoretical versions of a game with RTP percentages of 96% and 92%. With €1,000 in total wagers, the corresponding expected losses would be €40 and €80 respectively. This is a mathematical example based on wagering volume, not a prediction for an individual player. 

In this example, the four-percentage-point difference doubles the theoretical house edge from 4% to 8%. This demonstrates why a seemingly small difference in RTP can have meaningful financial consequences. 

However, an individual session can unfold very differently. A player may win on either version or lose their entire gambling budget. A higher percentage does not prevent losses or make a game profitable for the player. 

Our explanation of RTP at online casinos explores why a long-term average is not a personal repayment guarantee. The percentage provides information about the game’s mathematical conditions, but not how much money someone will have left after an evening of gambling. 

Has Belgium’s bonus ban increased payouts? 

The rising payout percentages in Belgium raise a commercial question. Are operators trying to make their games more attractive now that opportunities for bonuses and advertising have been heavily restricted? 

The background information provided links this hypothesis to comments made by the National Lottery and Belgian Gaming Commission chairwoman Magali Clavie in L’Écho. However, the figures presented do not prove this connection. Information about changes at the level of individual games, operators and specific dates is missing. 

The timing also calls for caution. The largest annual increase for casinos occurred between 2023 and 2024, while the stricter bonus rules came into effect on September 1, 2024. Annual totals do not reveal how much of the change occurred before or after that date. 

Gambling Club previously explained how the Belgian Gaming Commission clarified the ban on bonuses and other player benefits. This legal framework explains why commercial strategies have become a topic of discussion. However, it does not, by itself, prove that operators have increased their RTP percentages. 

Game selection can also change the average 

A rising industry average does not necessarily mean that individual games have been configured differently. It can also occur because a larger share of total wagers is placed on games with higher payout percentages. 

Consider two hypothetical games whose RTP percentages remain unchanged. If players wager significantly more on the game with the higher RTP in the second year, the combined payout percentage will increase. Neither game needs to be modified for this to happen. 

This is precisely why comparisons of market averages require additional data. The balance between land-based and online activities may change, as can the distribution of wagers between game categories and the popularity of individual titles. 

The Dutch sample answers a more specific question: which theoretical version of a game was offered at the time of the study? The Belgian figures answer a broader question: what proportion of all recorded wagers was actually paid out within a particular licence category? 

What Belgian and Dutch players can learn from these findings 

Both studies highlight the importance of clear information. For an individual game, the stated RTP, game rules and exact version matter. For industry figures, it must be clear which activities have been combined and how wagers are counted. 

The speed and structure of a game also remain important. A high payout percentage does not indicate how many rounds someone plays per hour or how much money they wager during that time. RTP alone is therefore insufficient to assess a game’s risks. 

A common measurement is still missing for a direct comparison between Belgium and the Netherlands. Such a comparison would require examining the same selection of games, at comparable operators and at the same time. Actual payouts over the same period would also need to be compared separately. 

The available figures therefore reveal two developments: a rising actual payout percentage within Belgian licence categories and substantial differences between theoretical game versions in the Netherlands. Anyone wishing to conclude that one country consistently offers higher payouts would need more data.