First Decline Hits Belgium Gambling Market After Years of Growth

The Belgium gambling market recorded its first full-year decline since the Covid-19 pandemic, with total gross gaming revenue falling 4.86% to €1.61 billion in 2024 from €1.69 billion in 2023. This downturn marks a significant reversal for the regulated market, driven primarily by a sharp 7.59% drop in land-based gambling revenue to €690.41 million. Despite online gambling remaining the largest segment at 57.1% of total revenue, it declined 2.7% to €919.10 million. Belgian regulators attributed the contraction to regulatory measures introduced since 2023.

Belgium Gambling Market Records €1.61 Billion Revenue in Historic Decline

Belgium’s Commission des Jeux de Hasard reported total gross gaming revenue reached €1.7 billion in 2023, marking a 16.7% increase from €1.5 billion recorded in 2022. Online gambling accounted for 55.48% of total revenue, surging 18% to €944.6 million. On the other hand, offline gambling rose 15.2% to €758 million, representing 44.52% of the market.

Casino operations drove substantial growth, with total GGR climbing 18.7% to €594.9 million. Online casino revenue powered this expansion, growing 20.2% to €455 million. Land-based casinos contributed €139.9 million, a 14.3% increase from the previous year. Among Belgium’s nine physical casinos, Casinos Austria International’s Grand Casino Brussels led performance at €52.5 million. Only Casino Blankenberge, acquired by Kindred Group in 2020, reported declining revenue.

Sports betting demonstrated slower momentum compared to casinos, with GGR rising 8.4% to €390 million. Online betting dominated this segment at 60.9% of total betting revenue, increasing 12.8% to €237.6 million. Betting shops experienced modest growth of 2.3% to €152.4 million. Football betting represented 77.1% of all sports betting GGR throughout the year.

The Belgium gambling market utilized 24 out of 30 available licenses during 2023. Ten operators controlled 96% of offline bets and 94% of online wagers.

How Regulatory Changes Reshaped the Belgium Gambling Market

Regulatory intervention accelerated in 2024 when Belgium standardized the minimum gambling age to 21 across all sectors. Age requirements for sports betting, arcades and bingo rose to align with land-based casinos, where the 21-year threshold had applied since 2018. The changes, agreed in February 2024 and confirmed by royal decree, overrode numerous gambling laws dating back several decades.

Subsequently, the Gaming Act introduced strict prohibitions on bonuses, free bets, and gaming credits designed to influence player behavior. Different categories of games operating under distinct licenses can no longer appear on the same website, requiring operators to maintain separate platforms for casino games, slots, and betting. Split accounts became mandatory, prohibiting transactions between player accounts holding different license types.

Advertising restrictions tightened further in light of concerns over normalization of gambling. A royal decree passed in 2023 banned advertisements across television, radio, outdoor billboards, magazines, newspapers, and public spaces. Online ads on websites and social media faced prohibition, with sports stadium advertising scheduled to end January 1, 2025, and all sports sponsorships by January 1, 2028.

Licensed operators warned these measures would drive players offshore. Research by Nepa found a 6% rise in online players using illegal websites following the advertising ban, with deposits on illegal sites increasing 4%.

What Lies Ahead as Belgium Confronts First Contraction Since 2020

Unlicensed operators now capture more than two-thirds of online gambling traffic for the most visited sites in the Belgium gambling market. This migration threatens the channeling model, with users losing access to age verification, exclusion enforcement, and prevention services embedded in regulated operations.

Young adults face disproportionate exposure. Approximately 65% of male gamblers aged 18 to 21 play on unlicensed sites that do not apply Belgian age-verification rules. Self-excluded individuals registered with the Excluded Persons Information System continue gambling via unlicensed platforms at a rate of 47%. These operators avoid Belgian gaming taxes and make no contribution to prevention programs or addiction support services.

An estimated 23% of total gambling expenditure in the Belgium gambling market flows to illegal operators. The Gambling Commission responded by working directly with DNS Belgium to block domains targeting Belgian players without authorization. Unlicensed sites face suspension or modification, with visitors redirected to official warning pages in Dutch and French.

Licensed operators confront additional obstacles as Belgian banks increasingly refuse banking services through de-risking practices. Payment restrictions and environmental, social, and governance policies threaten access to essential financial infrastructure needed for compliance operations.