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Spain’s Near Future Looks Billion BrightPublished April 13, 2018 by Lee R
Consolidation can spur growth and adaptation already proposed in the Spanish Parliament.
Spain financials research is offering some pretty heady numbers, to the tune of ten figures actually.
The Magic Mark
This is because forecasts show Spain on the way to becoming a billion-dollar industry, specifically in an AFP report quoting consultancy firm Ficom Leisure.
The Annual Projections
The report reveals Spain has burst onto “the radar of the international market” with predictions of annual online gambling and betting revenue to hit of €1 billion (US$1.22 billion) to €1.5 billion ($1.84 billion) in the next three to five years, with the figure five years down the road projected to $1.22B by 2023.
Performance Increases Adjustments
These new prominent adaptations in projections were based on the 2017 performance of Spain online, specifically of sports and casino gross gaming revenues jumping to €560 million ($687 million).
This jump is bolstered by the promise of more growth, which Ficom senior partner Christian Tirabassi says distinguishes Spain from other countries.
Sports betting and gaming company Optima Chief Executive Jacob Lopez Curciel supports that opinion, attributing this to Spain’s lack of saturation compared with fellow EU members.
Caution Against Overregulation
The only challenge to growth which Cruciel could identify was a potential for overregulation which could increase market costs for betting operators.
The Spanish Parliament seems to have an answer for this already. It turns out that Spain’s lower house Congress of Deputies has introduced a proposal to cut taxes on online fixed-odds sports betting, exchange betting and fixed-odds horseracing revenue from the current rate of 25% to 20%. The proposal has a ways to go, but operators keen to enter or stay in Spain will be watching closely and optimistically.
Horse Racing as a Riser
To stimulate more growth, Curciel suggests to Spain-based operators the inclusion of horse racing because of his belief that demand in Spain exists for what he calls a “rapidly growing sport.”
The Consolidation Factor
Curciel told AFP for the story that this growth could be stimulated by “consolidation such as multimedia products and between retail and online,” in light of “operators and suppliers of technology for racing...producing streaming and will work very well for Spanish players.”
With consolidation already taking place in Britain according to the article, Spain’s adaptation according to projections seems likely as evidence-based.