Online Gambling Exploding in Spain

2007 February 20, Jonny Vincent

The online gambling market in Spain is expected to grow to around $5 billion by 2010, it has been reported this week.

Online-Casinos.com reported the Dublin-based Research and Markets as saying the Spanish gambling market is potentially the fastest growing market in the industry, with the potential to grow to around $50 billion by the year 2010, with online gambling expected to contribute $5 billion to the estimate.

The Research and Markets report is titled "The Spanish Gambling Market – a Key Region for Future Growth".

The online gambling industry has suffered in recent times in countries like the USA, Germany and France. There is an increasing attraction for online gambling companies to be based in a less restrictive jurisdiction such as Spain.

Following Spain's decision to regulate the gambling industry last year, there have been a flood of applications for the licenses on offer.

The report listed the following reasons why Spain is perceived as an attractive jurisdiction:

• Increasing liberalization – Autonomous regions throughout Spain are working towards a liberalization of the gambling market.
• Major gambling companies are poised to expand into Spain.
• Growth potential is high – the market is expected to increase by up to 240% on current levels.
• Lotto fever – the Spanish lottery market is one of the largest in the world and shows that gambling is entrenched in the Spanish culture.