Spain’s online gambling industry expected to experience massive growth and reach over $1.22 billion by the year 2023. As a result, authorities in the European country are proposing that tax cuts be put in place for new companies and existing companies in the market. The proposal was specifically introduced to the Spanish Parliament as the governing body plans a budget draft for the nation. This tax cut would reduce the 25 percent take on gambling revenue to 20 percent and attract more private operators to Spain. The country currently has to compete with offshore online casino operators for its share of income.
Spanish Prime Minister Mariano Rajoy wants the online casino and gambling sector to be an integral part of the economic recovery. The health of Spain’s economy has been steadily improving, though the country is still reeling from the region of Catalan’s claim of independence. Spain went through almost a decade of hard times, posting the second-highest unemployment rate behind Greece. Things are turning around for Spanish citizens, but the rebound is a slow process. From the perspective of the national government, online gambling is a clear option to boost the country’s recovery.
Spain is currently home to over 46.3 million residents, making it the fifth most populated country that is part of the European Union. The gross gambling revenue of Spain was $687 million during the year 2017. Gambling experts see the market as being a long way from saturation, making it prime real estate for new online casino providers. The prediction of a $1.22 billion market is conservative as well. Some officials believe that the online gambling sector in Spain could reach upwards of $1.84 billion. Ficom Leisure, a consulting agency, states that the country is really drawing international attention recently from the leading operators and developers.
On a global scale, the total revenue from online gambling is projected to reach over $700 billion, which will be a new record. The estimated growth would be an 11 percent increase over the year of 2017. Online players are also expected to double in number by 2020, to an astounding 684 million individuals using online gambling. Spain is a late bloomer in the worldwide online casino and betting industry. The country only legalized internet casino sites in 2011. Its growth is indicative of a positive trend happening with gambling online in nearly every region.
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