Spanish Gaming Industry Hits Record Success Following Pandemic Slump

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Riding a wave of strong growth periods, the Spanish gaming industry hits yet another peak during the second quarter of 2023. The expansive realm of casinos and sportsbooks continue to open their doors to a growing number of customers, marking Q2 as one of the most profitable phases post the COVID-19 pandemic that had dealt a significant blow to the sector.

In the heart and soul of this upswing, lies the Casino Mediterraneo Benidorm in Spain. Navigating through the stormy aftershocks of the pandemic, Spain’s diverse array of casinos continues to witness escalating revenue annually. The Gross Gaming Revenue (GGR) for the opportune quarter ascended to a staggering €312.61 million (US$333 million), as disclosed by the latest report from the Directorate General for the Regulation of Gaming (DGOJ), showcasing an upward trajectory of 2.52% in comparison to the previous quarter and an astounding rise by 55.06% in opposition to Q2 of the bygone year.

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These formidable figures follow the trail of a dormant period in the initial two quarters of 2022, where the year-on-year Q2 decline from 2021 was recorded at 5.5%. However, the veritable resurgence in the latest fiscal numbers goes a long way in cementing the industry’s mettle.

The contemporary surge in GGR is primarily stemming from two key industry segments. Casinos held a dominating command over 47.94% of the GGR, accounting for €149.86 million (US$159.67 million) of the total haul. This reinforces not just the continual significance of physical gambling in Spain but also magnifies the impact that the COVID-19 measures had on their ventures.

The encouraging spike in revenue was also propelled by the sports betting segment that managed to rake in an awe-inspiring €133.31 million (US$142.04 million). This constituted 42.64% of the total GGR, marking a growth rate of 2.07% in relation to the preceding quarter and a gargantuan rise of 118.9% compared to the same quarter from the previous year.

This progression, some would argue, helps dispel the assertions put forth by the Spanish Association of Entrepreneurs of Game and Recreational Halls last October, that claimed the land-based segments were on the brink of extinction.

On the flip side, despite the fame Spain enjoys for hosting the European Poker Tour, the World Poker Tour, and others, the poker segment displayed a bit of a mixed bag during the quarter. It emerged as the third largest contributor to the GGR with €25.7 million (US$27.38 million), amounting to 8.4% but unfortunately registered a slight setback of 5.84% against the preceding quarter. Encouragingly though, it managed to record an uptick of 27.57% against Q2 of the previous year.