Belgium iGaming Revenue Falls as Market Cools

Belgium has published its latest iGaming revenue figures, revealing a clear slowdown in market performance. For the first time since the global lockdown period in 2020, the country’s regulated gambling sector recorded a year-on-year decline. Total gaming revenue for 2024 fell by nearly 5%, reaching just over €1.6 billion, marking a notable shift after several years of steady growth.

Retail Betting Sees Sharp Decline

A closer look at the figures shows that land-based betting outlets experienced the most significant downturn. Online gambling continues to dominate the market, generating the majority of overall revenue and only seeing a slight dip. In contrast, retail betting revenue dropped considerably, reflecting a broader shift in player behaviour. This trend is further illustrated by the reduction in licensed betting shops, which have decreased from more than 500 to around 400 within two years.

Mixed Performance Across Segments

While some areas struggled, others recorded growth. Casino gaming posted an increase of more than 7%, largely driven by online casino activity. Meanwhile, other segments underperformed. Gaming arcades saw revenues decline by nearly 12%, and lower-stakes offerings such as café bingo experienced a drop exceeding 20% compared to the previous year. Sports betting also saw a slight decline, influenced mainly by weaker performance in physical locations.

Regulatory Changes Impact Market

Regulators have linked the downturn to a series of stricter measures introduced across the market. These include raising the legal gambling age from 18 to 21, banning promotional bonuses, tightening advertising rules and implementing more rigorous identity verification requirements. In addition, new regulations prevent operators from offering multiple verticals, such as sports betting and online casino games, on a single platform, forcing companies to restructure their digital operations.

Concerns Over Player Migration

Although these measures were introduced to strengthen player protection and promote responsible gambling, concerns have emerged about their broader impact. Authorities are now examining whether the stricter environment has encouraged safer play or instead driven players toward unregulated, offshore platforms. There is growing uncertainty about whether some users have shifted away from the licensed market, prompting further investigation into the potential expansion of the black market.