Spanish online gaming revenue up 14% Y-o-Y in third quarter

Spanish online gross gaming revenue (GGR) reached €348.1 million ($366.5 million) in the third quarter, an increase of 14.4% from the same period in the previous year, according to the country's regulator.

The Directorate General for Gambling Regulation (DGOJ)'s latest report also shows GGR was up 0.5% quarter-on-quarter. Operators are benefitting from an April decision by the Supreme Court to lift some marketing restrictions, including bans on celebrity advertising and welcome bonuses.

Deposits and withdrawals grew by 23.9% and 30.3% respectively during the period when compared to Q3 2023. Meanwhile, marketing expenditure grew by 9.7% quarter-over-quarter to €131.7 million, also benefitting from the relaxation in ad restrictions.

According to the regulator's latest data, there are currently 77 licensed online operators in Spain. A total of 51 sites offer casino, 24 sports betting, nine poker, four bingo, and two contests. Total accounts were up 1.7% from Q2 2024.

Breakdown by vertical

Casino GGR amounted to €188 million, accounting for 54% of all online GGR. The figure was up 17.3% year-on-year and 9.5% compared to Q2, with the increases driven by blackjack revenue growth of 49.4% and a slots GGR increase of 25.8%.

As for sports betting, GGR dropped 6.6% compared to Q2, falling to €135.9 million, despite Spain winning the Euro 2024 tournament, which ran from June 14 to July 14. However, while GGR was down on a quarterly basis, sports betting rose by 19.8% from 2023 and made up a respectable share of 39.1% of total online revenue.

The quarter proved a negative one for poker, which continues to see a drop in popularity among Spanish players. GGR in this segment amounted to €20.5 million, 19.7% down in comparison with Q2 and a 23.5% year-on-year decrease.

Lastly, bingo reported €3.7 million in GGR, stable from previous quarters. GGR in this vertical was marginally up (0.7%) over Q2 and a 1.7% increase from Q3 2023.

The more favorable gambling environment since the Supreme Court's April ruling on ad restrictions has been acknowledged by operators, among them Codere Online. In its own Q3 results report in November, the operator's CEO, Aviv Sher, said the company has been attracting higher-value players in the country and that retention and loyalty rates have improved with the reintroduction of welcome bonuses.