A Look At The German Online Gambling Industry
As the online gambling industry continues to grow worldwide, more and more nations are opening up to the economic possibilities that arise when laws are relaxed and online gambling is freed up.
As Europe’s largest economy, the opportunities for online gambling businesses in Germany are set to prove extremely lucrative. Whilst the situation in Germany remains uncertain, you can get the latest info regarding gambling legislation to keep informed by visiting sites like neuecasinos.de.
So, without further ado, let’s take a more in depth look at the German online gambling industry.
Revenues generated for online and offline
Historically, Germany has had a troubled relationship with gambling, having been hostile toward the industry for many years now. In fact, the central European nation’s revenue from gambling seems to fluctuate year on year. According to the Handelsblatt Research Institute, the German gambling market was worth €14.2 billion in 2018. The report states that €10 billion of this is from offline casinos, gaming machines and lotteries whilst the remaining amount comes from what is a growing online gambling industry. Certainly, this is a considerable amount yet with an illegal gambling industry worth between €4 billion and €22 billion, it’s safe to say that the figure could be much higher.
Current legal situation
At present, the legal status of gambling in Germany can best be described as ambiguous. Essentially, online casinos in Germany are prohibited however those choosing to gamble online from a place in Germany will not face prosecution as long as the website is based in the EU. This might sound strange but it’s seemingly a system that works for the moment, with much of the estimated ‘illegal’ revenue from gambling coming from this kind of activity.
Potential future for the industry
Right now, the split of gambling in Germany is remarkably even. Research shows that 38% of the industry belongs to sports betting, 34% casino entertainment and poker tables 24%. It may not come as a surprise that football betting is the most popular way for Germans to bet, given that this nation is totally soccer mad. With that said, the rapid growth of online sites specialising in slots and table games has reached Germany in the form of site’s based outside of the nation across the EU.
It remains to be seen whether or not Germany will totally legalise online gambling sites any time soon. Whilst the current system seems to be satisfactory enough for both the government and the population, there must surely be a line of businesses waiting with bated breath for the day that German companies can officially engage in online gambling.
One thing is for sure, with such a huge appetite for online gambling already present in Germany, there will be many hoping that the legislation will be cleared up sooner rather than later and online gambling will become totally legalised in this enormous European nation. Only time will tell whether this will in fact come into fruition.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.