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GGR up 15.1% in Q1 2024

  • racesite pro

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GGR up 15.1% in Q1 2024 by racesite pro
Spain's online gambling market saw a strong recovery in the first quarter of 2024.

Game gross revenue (GGR) was 350.7 million euros ($3.81 million), up 11.2% quarter-over-quarter and 15.1% year-over-year. That growth was shifted from a 3% decline reported in the third quarter of 2023, with a GGR of 340.3 million euros.

The rebound was reportedly driven by growth in the betting sector, which was up 31% quarter-on-quarter in the first quarter of 2024 and accounted for 42.9% of the total GGR, compared to 36.4% in the third quarter of 2023. The growth was attributed to an increase in pre-match betting, which was up 588.8% quarter-on-quarter, offsetting a decline in sports betting during games.

The casino sector was also up 17% year over year, contributing to overall growth. Slots and Live Roulette were the main drivers for the sector, with growth of 15% and 22.2% year over year respectively.

Despite overall positive growth, some sectors fell. Notably, poker edged down 2.1% quarter-on-quarter, while bingo and contest were relatively flat quarter-on-quarter.

Q1 2024 results show a resilient market that has successfully adapted to previous swings. Player engagement remained robust, with deposits and withdrawals up 15.9% and 13.9%, respectively, year-over-year. The number of new accounts also rose 15.2% quarter-over-quarter, indicating continued interest in online gambling in Spain.

However, marketing costs were down 1% quarter-over-quarter, suggesting a more conservative approach for each operator despite overall market growth.

This positive growth in Spain's online gambling market came despite a decline in GGR in the third quarter of 2023, attributable to fluctuations in sports betting and other sectors. Q1 2024 figures suggest the market has turned to growth due to increased player activity and continued interest in casino gaming and sports betting.

Report

racesite pro
Business Development Manager at Cane Crutch Combination