Gambling Revenue 2023 Surges Despite Tighter Regulations
Belgium’s gambling industry saw a significant boost in Gambling Revenue in 2023, with gross revenue reaching €1.7 billion (£1.5 billion/$1.9 billion), up from €1.5 billion in 2022.
This growth is surprising as the government imposed stricter regulations on the sector.
The online gambling sector was the standout performer, with gross gaming revenue (GGR) rising by 18% to €944.6 million. The offline segment also experienced robust growth, with a 15.2% increase, bringing its GGR to €758 million.
Top Online Casinos 2024
This impressive growth occurred despite the Belgian government’s efforts to tighten control over the industry. In 2022, operators had to implement a weekly loss limit of €200, a sharp reduction from the previous €500 limit in 2020.
Further restrictions were introduced in mid-2023 when all gambling-related advertising was banned, following a failed attempt by a coalition of Belgian sports teams and operators to overturn the decision. The advertising ban officially took effect on July 1, 2023.
Casino Sector Shines
The casino sector saw the most substantial year-on-year growth, with GGR increasing by 18.7% to €594.9 million. Online casinos led the charge with a 20.2% rise, generating €455 million in GGR. Physical casinos also performed well, with a 14.3% increase to €139.9 million.
Among the nine land-based casinos in Belgium, Grand Casino Brussels, owned by Casinos Austria International, led the pack with an offline GGR of €52.5 million, followed by Circus Casino Resort Namur at €22.5 million. Casino Blankenberge, acquired by Kindred Group in 2020, was the only one to report a decline in GGR.
In the online space, three casinos reported a decline in GGR, including Middelkerke Casino, which lacked an active online license in 2023. However, Betsson’s Betfirst announced a partnership with Groupe Partouche in February 2024 to launch an online casino at Middelkerke.
Slot Arcades over Sports Betting
Slot arcades also saw strong performance, with GGR climbing 17.3% to €437 million. Online activity was a major driver, contributing 57.7% of slot hall revenue with a 19.4% increase to €252 million. In-person GGR for automatic games rooms rose by 14.5% to €184.9 million.
The sports betting sector, however, showed more modest growth. GGR increased by 8.4% to €390 million, with online betting dominating the market. Online betting revenue rose by 12.8% to €237.6 million, accounting for 60.9% of the total betting GGR. Betting shop revenue also grew, albeit at a slower pace, with a 2.3% increase to €152.4 million.
The Belgian gambling regulator did not disclose individual operators’ market shares but noted that 10 of the 24 licensed operators were responsible for 96% of offline bets and 94% of online wagers in 2023. Of the 30 available licenses, only 24 were utilized during the year.
Football remained the most popular sport for betting, accounting for 77.1% of the sector’s total GGR.
Despite the tightening regulations, Belgium’s gambling market continues to thrive, with significant growth across both online and offline channels.
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