Spain To See $1 Billion In Online Gambling Revenues by 2023
According to observers and investment firms online gambling in Spain has the potential to hit revenues of at least $1.2 billion by 2023. Last year revenues hit $678 million and analysts expect that figure to rise by 9% by the end of this year.
With changes in tax for online gambling operators and the government making the entry for potential operators easier to enter than the UK or French gambling markets means that Spain is still nowhere near saturation, just yet.
Those estimates are backed up by the Directorate General for the Regulation of Gambling (DGOJ), which reported that in 2016 revenues hit $514 million then last year rose to $678 million marking a rise of 31.9%.
Interestingly according to official figures online roulette is the dominant game with online slots coming second with surprisingly online poker bottom with revenue growth of just 5%.
The rise in revenues in the country is said to be helped by the government preparing to cut taxes to online operators from 25% to 20%, it shows a willingness by Spain to welcome the increase in online gambling which of course will help the country drag in much needed tax revenues.
Not only that but the hope by government sources is that it will create more jobs, back in 2013 the unemployment rate hit almost 30% now in the first quarter of 2018 that rate stood at 16.5%, some of that fall is put down to online operators employing locally a trend the government hopes will continue with the next tax rate cut.