Spain’s GGR Soars in Q1 as Interest in Gaming Grows
Spain’s gambling market continues to grow, as demonstrated by the local regulators’ latest GGR figures. In its report for the first quarter of 2024, the Directorate General for the Regulation of Gambling (DGOJ) highlighted gross gaming revenue of approximately EUR 350.7 million ($381.5 million).
The reported figure notably represents an 11.2% increase compared to Q4 2023 and a 15.1% increase year-on-year. The Q1 GGR furthermore continues the positive revenue trends in Spain following the suboptimal results reported in Q3 2023.
The Q1 2024 results were underpinned by an increase in online sports betting. For context, the vertical experienced a quarter-on-quarter increase of 31% and constituted 42.9% of the total GGR reported by Spain’s online gambling sector in Q1 2024.
The growth was attributed to an increase in pre-match betting, a segment that skyrocketed in Q1 2024. While the in-play betting and horse racing segments experienced a slight decline, the volume of pre-match bets was more than enough to offset it.
Overall, betting GGR stood at EUR 150.2 million ($163.4 million).
In the meantime, the online casino segment experienced a YOY GGR increase of 17% thanks to significant growth across the slot gaming and live roulette segments. Despite posting a GGR of EUR 167.8 million ($183.6 million) and constituting 47.8% of the Spanish gaming market, iGaming experienced a quarter-on-quarter decline in GGR.
Poker revenue experienced a YoY increase but was down compared to the previous quarter. Similarly, bingo revenue was unimpressive when compared to Q4 2023 but still marked a significant increase year-on-year.
Interest in Gaming Continues to Grow
In the meantime, the DGOJ reported that player activity increased across the board. According to the regulator, deposits were up 15.9%, while withdrawals increased by 13.9% year-on-year.
In Q1 2024, 15.2% more new accounts were created when compared to Q4 2023, highlighting continued market growth.
Gambling operators’ marketing expenses during the quarter were lower than they were in Q4 2023 but higher when compared to the figures posted in the comparable prior year period.
Speaking of the DGOJ, the regulator recently initiated consultations on the establishment of a centralized registry that would hold gambling-related data supplied by all of its licensees. The registry, if implemented, would provide the regulator with a more holistic understanding of the market and important metrics, such as problem gambling rates.
