Belgian Gambling Revenue Falls as Market Adjusts to New Rules

Belgium’s latest report on the country’s gambling sector reveals that the period of uninterrupted growth that has persisted since the end of the pandemic may be drawing to a close. In 2024, the regulated market experienced its first decline in three years, with total gross gaming revenue (GGR) falling to EUR 1.61 billion ($1.86 billion), marking a 4.9% decline.

The Data Reveals Interesting Trends

While the drop appears modest, it could provide valuable information on Belgium’s gambling market as the industry adjusts to tighter regulations. Online gambling remains the industry’s leading vertical, generating more than half of all revenue. However, the sector experienced a small 2.7% decline in 2024. Land-based GGR, in contrast, fell by more than 7%.

Casino gaming was one of the few segments that posted positive results, with land-based and online revenues rising by 3.7% and 8.7%, respectively. In contrast, retail betting, arcade-style gaming, and low-stakes machines saw more pronounced drops. This decline is partly due to the sharp drop in the number of betting shops. There were 408 at the end of 2024, compared to 535 two years earlier.

Regulation sits at the center of these shifts. Over the past two years, Belgium has introduced a series of measures to tighten its control over the market. The new rules prevent operators from combining multiple licence types on a single platform, a change that has forced companies to restructure how they present their products. In some cases, the changes have merely shifted revenue from one category to another.

Player Safety Remains a Priority

Some regulatory changes have had a greater impact than others. Raising the gambling age to 21 cut off a segment of younger players who previously had access. Bonus offers have been restricted, advertising has been scaled back, and identity checks have become more rigorous. While each measure has improved player safety, the combination has reduced the attractiveness of the regulated market.

The regulator has acknowledged that it is too early to draw firm conclusions on player protection, as lower revenue may not automatically translate into reduced harm. For example, users migrating to unlicensed platforms could lead to greater risk. To combat this, Belgium is bolstering its enforcement tools with new methods to identify and block illegal gambling.

At a minimum, a more in-depth analysis and a comparison with the data obtained for 2025 will be necessary to observe trends over time.

Belgian regulator statement

The government is now developing plans for an extensive transformation. Its long-term strategy aims to reshape the sector, prioritizing oversight and compliance while still channeling players toward regulated offerings. However, any regulations must carefully balance consumer protections with a healthy, competitive market.