The Reasons for Betting Popularity in Europe
Gambling indeed holds on to a strong garb in Europe. History has recorded that gambling in Europe began as early as the 500BC, as mentioned in the writings of Sophocles. Initially, betting and gambling games were a game of chance such as dice. In the 15th century, dice games were replaced by games of skill, such as card games. Owing to the huge popularity of the card games, in 1638, the first casino, or rather ‘the gambling house’ emerged in Europe and was regulated by the procedures of today’s date. This attracted mostly the upper class due to its stylized decor and expensive outlook. This casino was much in vogue till the 18th century, after which all forms of gambling became illegal.
The gambling sector in Europe as of today holds a strong point across the world, with approximately 87.2 billion Euros of net worth. This is mostly due to the huge contribution of the online gambling sector and onshore gambling practices. The statistics of the European Gaming Betting Association reveal that the online gambling sector is witnessing a surge to increase by almost 19% in 2023(the US $99.5 billion Gross Gaming Revenue). It is also speculated that by the year 2026, the online gambling revenue would increase 2026. In countries like France, Germany, Italy, and Spain, the online iGaming industry is small comparatively small, hence it is being expanded. Companies like the Bragg Gaming Group are expecting multi-year growth by the first quarter of 2023.
Besides the huge contribution of the iGaming industry, sports betting also aids a large contribution to the gambling sector. More than 50% of European online bookmakers that players use on NonGamStopBets.com were released in the last two years. Betting popularity in Europe is much in vogue, and the significance of betting can easily be understood by the betting scenes in movies and history where people have either lost or gained fortune owing to their fate. Many of the reasons for the popularity of betting among the Europeans could be because of the wholesome profitable dealings, entertainment, adrenaline rush, etc.
Reasons for Betting Popularity in Europe
With the development of E-Sports in the 2010s, more and more participation of the Europeans is witnessed. Betting popularity is on the rise due to several factors.
Influence of international iGaming Tournaments
The E-sports sector comes with a wholesome prize pool. This has a positive impact on the younger generation, providing them with a golden opportunity to seek fortune with their skill. Furthermore, this led to the investment of the betting sector in their prospective participants. Famous tournaments like the World Cyber Games, Intel Extreme Masters, Major League Gaming, etc. have shovelled the E-sporting industry as well as the betting industry simultaneously. The expansion of the e-sports industry has also paved for licensed and regulated sportsbooks. The most popular ones include the DreamHack Master’s competition, League of Legends European Championship, FIFA League, Overwatch, ESL One: Dota 2. Several varieties of games are also introduced, which are often advertised while these games are going on. This provides an additional fortune to the prospective players.
Rise of Sports Betting among the Europeans:
It is seen that all across the world sports betting is always taking a toll, making it the favourite form of betting among regular players. The recent studies of the Grand View Research reveal that by the year 2028, the global sports betting market will be approximately $140.26B. Moreover, the Compound Annual Growth Rate(CAGR) is speculated to reach 10% from 2023-to 2028.
Football is undoubtedly the favourite of all sports in Italy, fetching a wholesome revenue of 136 million Euros as Gross Gambling Yield. Many gambling providers invest in football advertising because it is highly beneficial in such a huge market. Nations like Austria, Denmark, and Germany witness high earn in horse racing. The British, French, and Irish express their vigour in Rugby too. Boxing is yet another much-loved choice. However, Britain is often crowned as the undefeated king when it comes to gambling. Therefore, a survey conducted by the UKGC(United Kingdom Gambling Commission) reveals that according to the survey, around 80% of the respondents assured that sports wagering was their favourite mode of gambling.
The popularity of Online Casinos in European Countries
The recent decade is witnessing the growth of online casinos exponentially. This accounts for 23.2% of the total European Revenue in the gambling market. A touch of uniqueness and elegance defines the online casinos of Europe. It is speculated that the huge popularity of online casinos in Europe is the strict online betting policies. Not only does it ensure the prevention of fraudulent cases, but also gains a trusted bond with its customers. Various Gambling Authorities such as the Malta Gaming Authority, the United Kingdom Gambling Commission(UKGC), Betting Association, and European Gaming provide transparency and security to the gambling sites. Moreover, the Europen Countries’ governments and gambling regulating bodies also promote responsible gambling practices and personal data protection. Accessibility and usage of personal devices also come in handy in case of the online casinos. This is so because most online casinos make use of JS, and HTML5 technology, which implies that the games can be played on Androids, and iPhones altogether. Furthermore, players also get to play from any place in their desired time. Media has also quite a pivotal role to play when it comes to online casinos. Casino operators often imply the use of social networking and media apps to attract potential players. In many cases, players get the option to invite their own players and join their games, online tournaments, etc. Thereby, it is often believed that social networking, the rise of internet usage, as well innovative promotional tactics have influenced the tremendous success of online casinos in European countries.
It is noticeable that the Europeans simply love betting, whether pertaining to sports, online, or even tournaments. The government too is quite supportive and aids the functionality of responsible gambling practices among the citizens which is beneficial for both the citizens as well as a steady functioning of the government. For example, the majority of popular European football leagues promote responsible gambling and other practices.
The government secures high revenues from the gambling firms, and some of the countries, such as the UK generate the highest revenues. Furthermore, the government also holds up the responsibilities for addictive gambling behaviours. It is often kept in check by means of self-exclusion software such as GamStop(present in all UKGC licensed casinos), GamBan, etc. Betting has also paved newer opportunities for the adolescents and young adults of the era. Several betting firms are active supporters of online gaming tournaments and aid in sponsorship facilities too. Players get the opportunity to earn additional wins.