The paradoxical growth of the Belgian gambling market
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8 Sep 2025 •
Reading time: 3 minutes Gambling in Belgium is enjoying surprising growth. While the country has banned all advertising and tightened its regulatory rules, the online market continues to prosper, reaching record levels. The Right to the Source podcast looks at the issue.
Advertising banned, market flourishing
In Belgium, the gambling sector is experiencing unexpected growth. Since July 2023, all advertising for online betting and casinos has been banned on television, radio, in the press, on social networks and in public spaces. This drastic policy is supposed to reduce the appeal of gambling. Yet the figures tell a different story: in 2023, the online market grew to almost €1 billion, and should exceed €1.1 billion in 2024.
How can such a contradiction be explained? According to Robin Harrison and Ed Birkin, the answer lies in the Belgian economy itself. Unlike other European countries where inflation has eroded purchasing power, Belgium has indexed wages and benefits to inflation. More money, more spending, including on gambling.
Regulation among the strictest in Europe
Belgium is known for its rigorous approach to gambling. The authorities have never sought to prop up the sector, but to keep a close eye on it. In recent years, the measures have multiplied:
- compulsory separation of accounts between sports betting and online casinos;
- capping of monthly deposits;
- ban on bonuses and other incentives;
- severe restrictions on sports partnerships;
- raising the legal age of participation for certain games.
For a small country, the severity is striking. Some experts even speak of a desire to push the industry to its limits.
Licences
Almost 40-50% of the bets made by Belgian players are still placed on unauthorised sites. This is certainly a lower proportion than in Germany, but comparable to the Netherlands. Why is this? Because the legal offer is limited. The country only grants 9 online casino licences, plus 30 sports betting licences and 180 licences for gaming rooms offering dice games.
To obtain a licence, operators must be backed by a land-based establishment. This model works very well in Belgium, but would not work in France, because many of its casinos are small independent casinos that could easily be bought out by international operators.
Well-established players
The legal Belgian market is nonetheless dominated by a few big names. Circus (linked to PokerStars) and Napoleon Games each control around 20% of the market, followed by 777 and Star Casino, with 16% each. Together, these operators share the majority of online revenues. In addition, a study carried out by DataSynergy in June 2025 shows that players recognise legal brands more than illegal ones.
In 2023, regulated online casinos generated almost €1 billion, a figure comparable to that for all land-based games (including lotteries).
What makes Belgium unique is its automatic indexation mechanism for wages and benefits. Unlike neighbouring countries where inflation has weighed on households, in Belgium incomes have kept pace with price rises. As a result, real purchasing power has not diminished, and the game has found favourable ground.
Between protection and openness
Belgium illustrates the dilemma of European regulation: how to protect players without encouraging the black market? The Belgian case shows that a strict policy does not necessarily hinder the growth of the sector. On the contrary, the combination of firm regulation and a specific economic context has created a dynamic market.
But the balance remains fragile. If the economy slows down or the offshore sector expands too much, the trend could be reversed. The next few years will tell whether Belgium has found a sustainable model or whether it will have to relax its approach.