Summarize this content to 2000 words in 6 paragraphs
As the European gambling market continues to grow, both sports betting and lotteries are expected to show the strongest online growth through 2029.
The regulated European gambling market is expected to reach €137 billion in gross gaming revenue in 2024, with online gambling accounting for 40% (€55 billion) of this total.This represents an increase of around 4.58% in the total gambling market and a growth of online gambling of 7.84% between 2023 and 2024, according to H2 Gambling Capital.The 2023 figures show total gambling revenue of €131 billion, with online gambling representing 39% (€51 billion) of the market.The significant surge in digital revenues was led after the COVID-19 pandemic caused the closure of physical casinos.In 2024, lotteries generated €38 billion, while betting reached €33 billion. This was followed by casinos at €30 billion, and gaming machines at €26 billion. Sports betting has become a favourite pastime for many Europeans, with major sporting events like the European Football Championship and the World Cup driving up online sports betting activity. Both sports betting and lotteries are expected to show the strongest online growth through 2029, with compound annual growth rates of 8.6% and 8.4%, respectively. When the enjoyment turns into a problemWhile it’s a hugely popular form of entertainment, gambling can also be addictive. Problem gambling and, at an extreme, gambling addiction can be a challenge for some players.A European Gaming and Betting Association (EGBA) study from 2022 shows that in Europe, problem gambling rates range from 0.3% in Ireland to 6.4% in Latvia. In Portugal, data from a gambling helpline shows a concerning increase in users reporting online gambling addiction between 2023 and 2024, with requests rising from 39.58% to 48%. To tackle this issue, EGBA members have voluntarily contributed over €140 million over the last four years to support gambling harm prevention in Europe, including €61 million in 2023.”Player protection is an ongoing journey – there’s always room for innovation and improvement, and our members are committed to continuously improving their approach to safer gambling,” Maarten Haijer, Secretary General of EGBA said. Regulation challengesThe industry also faces challenges with competition from black market websites and apps based outside the EU.”These platforms do not comply with the player safeguards we have in Europe, and do not pay any taxes here either,” senior communications manager Barry Magee from EGBA said.According to H2 Gambling Capital, estimates suggest that 21% of Europe’s total online gambling activity took place outside the regulated environment in 2023. Based on that estimate the unregulated market would be equivalent to an estimated €13 billion in gross gaming revenue.Magee added: “While stronger enforcement against non-EU based black market operators is crucial, the most effective approach is to ensure the regulated gambling environment in Europe is attractive to its players, thereby reducing the incentive for players to seek out unregulated platforms.”Video editor • Mert Can Yilmaz
