Staff Reporter
THESE may be hard economic times for many industries, but one that is not suffering at all is the online gambling sector. This industry revealed global revenue of $86 billion for last year and it is expected to grow further between now and the end of the decade.
When we look at the industry in closer detail, we see that online casinos account for the largest portion of that revenue. The demand for those sites has increased enormously during the last twenty years.
That is down to a combination of liberalised gambling laws and the quality of the offer being made by casino sites. They feature a wide range of games, as well as tempting bonuses.
Europe is proving to be no exception when it comes to the embrace of casino sites, although the picture is complicated. This article will take a closer look at the current online casino situation across the continent.
The Impact of European Gambling Laws
When we say that online casinos are booming in Europe, it is important to point out that there are national differences. For instance, online casinos make up 68.3% of the total gambling revenue for Sweden, but just 14.2% in Spain.
The simple reason for that is the difference in the way the industry is regulated. Sweden has very liberal online gambling regulations, whereas those in Spain are much stricter.
It is very clear how important the regulatory situation is in each European country, when it comes to the popularity of casino gaming. The UK is the country with the most liberal regulations, and it is also the largest gambling market in Europe.
Playing at an online casino is completely legal in the UK it is very easy to find recommended UK slot sites. The laws and attitudes in the UK towards gambling has helped online casinos to become a large and lucrative market there.
By way of contrast, France still bans online casino gaming entirely. That has ensured the market for it remains very small, although it will be hard for the country to maintain that state of affairs.
The general trend is towards more liberal gambling laws, even if some European countries – e.g. Finland – prefer to keep the industry under central state control. This liberalisation is the biggest reason for the growing popularity of online casinos in Europe, but it is not the only one.
So what else is driving the casino gaming boom?
- Technological advances
Another factor that is driving the growth of the industry in Europe is advances in technology. This has had two big impacts: it has made it easier to access casino sites and it has improved the gaming experience offered by them.
In terms of the first of those, the real game-changer was the arrival of the Smartphone. This was followed by the development of mobile casino apps, which European customers can download to their phones.
Featuring graphics and games that have been optimised for mobile screens, these apps let people play casino games from any location. Slot games in particular are ideal for mobile play and have become popular among women.
Advances in technology have enhanced the games too. They now feature better graphics and run more smoothly, while options like virtual reality have made them more immersive. The result has been a European market surge.
- Changing cultural attitudes
Public attitudes towards gambling have gradually changed in most European countries, which is reflective of a wider liberal shift. The negative attitudes towards the activity that used to exist have largely evaporated now.
That process has been helped by the fact that wider demographics are now embracing online gambling. Casino games like slots are almost as popular among women as men.
The industry is also well regulated and has done a lot to promote responsible gambling; factors which have improved its image.
The Future of Online Casino in Europe
It would be hard to predict the long-term future with any certainty, but the short-term one points towards further growth. The online gambling market in EU countries is forecast to be worth €127.7 billion by the end of this year.
That is despite clear differences in how the various countries regulate it. Although tighter regulations have a definite effect, their overall impact may be diminishing.
There are signs that even those European countries with strict online casino laws – like Spain – are now experiencing rising interest in the activity. This is particularly the case when it comes to younger generations.
In terms of the existing legislation, it is the UK that is looking at altering things. It is now bringing in stricter laws, which runs the risk of driving customers towards sites that are not licensed.
The online casino boom in Europe is fuelled by technology, changing attitudes and regulations. It looks set to continue.
Click here to read more Gaming News from The Olive Press.
