The Spanish online gambling market continues to grow despite a slowing Eurozone economy. Since 2014, the whole online gambling market revenue grew by 270% and it could continue expanding in the future reaching all-time highs.
According to data gathered by GoldenCasinoNews.com, the Spanish online gambling market continues to grow on a quarterly basis.
The information shows that e-commerce revenue from online sales of online gambling and betting services in Spain more than doubled since Q1 2016 from €174.5 million ($192.21 million) to €439.1 million ($483.67 million) in the first quarter of 2019. This represents an increase of 151.63% in just three years.
The fastest revenues increased by the industry between Q3 and Q4 in 2017 when revenues moved from €274.5 million ($302.36 million) to €364.4 million ($401.39 million). This shows a growth of 32% in just a single quarter.
The growth experienced by the online gambling market between Q3 and Q4 2017 matches to the massive interest in Bitcoin (BTC) and cryptocurrencies encountered during the same period.
Several online casinos have been offering Bitcoin solutions, and the growth in revenues could also be related to the expansion in the cryptocurrency space, considering it then slowed down.
Data is being gathered since the last quarter of 2013 in which the online gambling industry in Spain registered €111.5 million ($122.82 million). Since that moment, revenues grew by 293% until Q1 2019.
Despite the slowdown in the Eurozone, revenues continue growing at very fast rates in the Spanish online gambling sector. The Spanish general economy has been growing around 0.5% each quarter during the last two years.
If the trend for revenues in the online gambling industry continues, it is very possible for these numbers to reach €500 million ($550 million) in the near future.
Unfortunately, there is no information for periods in which the Spanish economy registered negative growth rates. It would have been interesting to understand how a recession would affect the market.
It is worth mentioning that Iowa state’s online sports betting revenue increased by over 500% in three months after launching in August this year.
Although these are two different markets with many differences, it is possible to see that there is a sustained interest in online gambling activities, not only in Europe but also in the United States.
Regulations are also playing an important role in offering clear legal frameworks for companies to operate and for users to feel comfortable using these platforms.