Across Europe online casinos are reporting increased profits for Q1 of the new financial year as players move away from sports betting to online casino fun. Portugal in particular saw a huge increase in online gaming, with a substantial increase to the same period last year.
Europe is still a growing market and while online casinos have been big business in the UK for many years, casinos are still getting a hold on the European market. Many things have held back the European market but the fact that most online casinos are English language facing have played a big part in that.
However, things are changing and last year, Portugal, that has seen the biggest growth saw an 18% increase in online gaming, and that trend is increasing with an increase in Q1 results for 2018.
The three months to March 31st saw a €2,500,000 increase on the same period last year with revenue totalling more than €33,000,000.
What is interesting – and again Portugal makes a good model to show the change – is that online sports betting is down, and online casinos is up. Sports betting is down €3,000,000 on the same quarter last year while online casinos have seen an increase of around the same amount.
Football remains the most popular for sports betting but it seems players would rather log onto the casino, where slots are the order of the day. In Portugal slots account for 55% of all online casino revenue, poker takes a 18% market share with French roulette (16%) and blackjack (9%) taking much of the rest.