17 April 2024

How is the online gaming business changing in Europe?

| The European |

The online gaming business has continued to see growth throughout 2019, which means it is in prime position to continue its expansion and further development throughout Europe as we move towards 2020.

2018 saw the online gaming yield reach $32.6 billion, a rise from 2015’s $25.1 billion and a huge jump from just seven years prior with 2011’s $21.1 billion. The figures show an upward trajectory for the industry and Europe looks to continue to see the dividends of this.

Whether it comes to legitimising and liberalising the online gaming industry, or altering and adapting to transactional businesses, change is on the horizon for gambling in Europe. So, what can we expect from the changing online gaming industry in Europe?

Legitimising the industry

For instance, online gaming businesses that are listed in the FT1000 serve as examples that illustrate how the industry is having an effect throughout the region. The progress of companies such as these also helps to legitimise the growth of online gaming and the move towards the industry being seen as an equal, not just to land-based casinos and bingo halls, but to other existing modes of gaming.

Indeed, noted in FT1000 list of Europe’s fastest growing companies, Lottoland stands at 147 out of 1000, which demonstrates how popular lottery-style online gaming is throughout Europe, and how the industry is only projected to grow and move its way up into a higher position.

Liberalising the industry

Further industries have continued to be liberalised in the sector; such as the Swedish gaming market. Sweden began relaxing their legislation in 2019 to combat other operators throughout Europe who were benefitting from the custom of Swedish gamers.

The Netherlands has followed suit and has also begun to draft legislations that would relax some of the stringent protocols around online gaming. While major legislative change takes time as bills need to pass, the stage has been set to open the market up, partly inspired by how successful the online gaming industry has already been and looks set to continue to be.

Payments and the industry

Source: Pixabay

The European market is one of the strongest adopters of the alternative forms of payment that illustrate its progression and modernisation by harnessing the latest technology, such as e-wallets like Paysafe.

The changing payments industry means that transactions can be deemed to be a faster, more secure way of keeping track of payments for gaming connoisseurs. This welcomed change means that there is more choice for the consumer and also allows operators to show that they recognise the value in their custom by offering a more robust way of allowing deposits and withdrawals.

Positive steps throughout Europe are continuing to be made, and these steps show promise for the future. The addition of online gaming companies being recognised in major reports as a vital slice of the industry as a whole, demonstrates the impressive and speedy progression of online gaming. The development of adjacent technology also shows a commitment to ensuring customers have the best possible experience and the best possible choices, when exploring the ever-expanding online world.

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