The online gambling market is exploding in Spain. According to recent data, when the global gaming industry get to $500 billion, the Spanish market will account for 8% of this global figure and people that enjoy casino games and play online will have even more options.
The developments witnessed in Iberia are replicated all over the world. These developments are a result of the rapid digitalization happening in the modern society. The increased levels of gaming convenience and the ability to play most games on mobile is also contributing to the stated monumental success recorded in the industry.
A Flourishing Market Devoid of Strict Regulation
The new-found popularity of iGaming among Spanish gamers is partly due to the lax advertising regulations in the industry. Latest figures show that the industry raked in $215 million in revenue in Q1 of 2019 alone. These figures represent a 20.1% increase year-on-year.
The Spanish regulations have no limitations on the number of times or the time of the day when a casino ad can air. Compared to the U.K. regulations, Spain is a paradise of sorts for online gambling portals.
Before the Ashes Cricket Series, the Gambling Commission of Great Britain reached an agreement with industry players stipulating that gambling ads could only go on air after the 9:00 p.m. watershed.
And, it is not only in the U.K. Even Spanish-speaking countries of Mexico, Argentina, Chile, Paraguay, Bolivia, Colombia, and Ecuador have ratified stricter policies compared to Spain.
The lax in regulation in Spain, however, points at one major deficiency. Lack of strict laws may mean that players come into contact with unscrupulous operators ever so often. The need to exercise caution, as such, is not an option.
New Developments and Relevant Market Expansions
The recent years have seen a number of global online gaming operators set base in Spain. This lot has probably been attracted by the conducive environment that the Spanish gaming administration has put in place. Aside from the operators, gaming innovation and software developers are also streaming into the Iberian Peninsula.
This trend of mass immigration elevates Spain to a pedestal; one of the few European countries with an admirable online real estate that is bound to explode even further in the new decade. The status also comes with an assurance of increased revenue in the years to come.
In Summary
Because of the lax regulation of the online gaming industry, Spain is enjoying an unquestionable duration of immense success. The data has been very impressive over the past few years and even better projections in the coming years. The relocation of leading industry operators into the Iberian Peninsula only hints at the county’s undeniable potential.