Portugal Is Considering a Change in Its Gambling Tax Policy [...]
Sports Betting and Casinos on the Rise in Spain
- December 7, 2017 By Riley Wilson -
Recently published annual report on gambling in Spain revealed the country’s market was stable in 2016, with a gross gaming revenue (GGR) of €8.9 billion – nearly 2% up from 2015.
Sports betting recorded the biggest growth during this period, with its GGR increasing by 19.5% to €638 million, while private land-based sector accounted for more than 45% of that sum. Sports betting dominated the Spanish online market, accounting for nearly 57%.
Rise Across All the Verticals
Casino GGR grew by 7.6% to €345.2 million, while bingo recorded a slight but important growth of 3% when compared to the previous year, for a total of €581.3 million. Lotteries, including the state-run Sociedad Estatal Loterías y Apuestas del Estado and ONCE, accounted for 46.2% of the market
According to the latest report, market GGR now represents 1% of Spain’s gross domestic product.
Land-based sector generated 95% of the entire GGR or €8.42 billion, while the rest of it was earned by the online vertical.
The latest report revealed that gaming industry in Spain had recovered from the economic crisis, with employment levels returning to the level they had been six years ago. The report also showed the industry had employed more than 4,300 people in 2016 alone, while the total number of those working in the industry reached 83,870.
Industry Has Recovered
This is the highest direct employment level the Spanish gambling industry has seen since 2010!
Jose Antonio Gomez Yanez, the technical director of the Yearbook said the data reflected an industry that had sown an active recovery over the past three years, overcoming the effects of the economic crisis.
Yanez added the gaming economy was no different from that of other entertainment sectors contradicted one of the beliefs about gaming – that crisis meant more gambling.
The industry recorded an increase in tax revenue, taking home €1.7 billion, €28.5 million than during the previous twelve-month period.
The annual report was presented by the University of La Carlos III in Madrid and the Codere foundation.