A new report released by BtoBet suggests that the gambling market in Germany will continue growing. Online casino revenue is expected to reach €3.3 billion, while the industry itself is expected to grow to €18.2 billion by 2024.
Will Online Casino Revenue in Germany Skyrocket?
A new report projects exponential growth of the online betting market in Germany by 2024. In the latest BtoBet report, a researcher and consulting provider, Goldmedia, projects that the German online casino revenue is expected to grow significantly. While in 2019, the revenue hit €2.2 billion, Goldmedia expects that it will grow to €3.3 billion by 2024.
Although land-based venues indicated a drop in earnings, mainly because of the pandemic, an increase in online gambling was observed. After the difficult 2020, the gambling industry in the country is expected to grow to €18.2 billion by 2024. Furthermore, the growth is expected to be complemented by a CAGR (Compound annual growth rate) of +6.5%.
Besides the increase of online gambling, the growth of the market would also be boosted by the new Interstate Treaty on Gambling. Germany is expected to introduce the new Treaty in July this year. By bringing innovations for online sports betting and online casinos, the new Treaty is also going to address grey market issues.
Sports Betting Market to Continue Growing
Sports betting in Germany also has a bright future, according to the report. Although the total turnover for the sports betting market in 2016 reached only €6.14 billion, significant growth was observed from 2017 to 2019. The amount of money wagered on by sports fans in 2019 grew 23.4% to €9.28 billion. Furthermore, if we compare the 2019 result to 2014 when the total turnover was only €4.52 billion, we see that the amount more than doubled.
Focusing on 2020, surprisingly, the total turnover of the sports betting market did not plummet. However, as expected, a decrease was observed. In 2020, the total sports betting turnover decreased by 16% to €7.79 billion.
Although this result reveals that the pandemic impacted the sports betting industry, it also indicated that the market has a “resilient nature”. Furthermore, despite that most major sports events were postponed, German players proved that they can be flexible and engage themselves “more broadly on the sports betting portfolio”.