Sports’ betting in Europe is big. A close look at the gross sports betting revenue in European countries will show that the region tops the global list. European Betting Association projects a seven percent increase in gross revenue in 2022. This growth is attributed to the restriction of land or shop-based betting across the country even as the COVID-19 situation improves and economies continue to reopen. France, the United Kingdom, the Netherlands, Italy, and Finland continue to show tremendous in online sports betting.
Non-uniform legal framework
Statistica, a database company based in Germany, posits that online sports betting accounts for a significant proportion of Europe’s overall online betting revenue. However, the growth of online sports betting has not been uniform in all European nations. One of the factors that online sports betting experts have identified in contributing to the non-uniform growth of online sports betting in Europe is legislation. There has been a lack of uniformity in laws that are applicable in online sports betting in Europe.
Although the European Union advocates for uniform laws when it comes to management and administration of different aspects in the continent. One area that has lagged behind is online sports betting. The continent as a unified economic block expected to have the same rules and procedures but when it comes to online sports betting.
The industry and experts have pointed out there are areas that need to address. Mightytips online sports betting experts observe that every country has enacted its own gambling and sports betting laws. Although each European Union state supposed to be in compliance with the fundamental freedoms as instituted in the treaty.
With no specific legislation applicable to all member states, online betting in Europe managed differently in each country. There are some countries that have a well-structured regulatory regime while others have lagged behind in this area. Germany and Spain rank as countries that have the most advanced regulatory system in Europe. The two countries have laws on two levels, state and local regions.
The Netherlands has online sports betting regulated under the Dutch Gaming Authority. Ireland and other several European states have no regulatory frameworks. Although this does not translate into poorly managed online sport betting. Let us review the state of sport betting in a given number of European markets.
The United Kingdom
The United Kingdom is one of the most developed online sports betting markets in Europe. Some of the oldest sportsbooks are known to have started shop in the country. The gambling community here is also known to have produced the first sports betting exchange where bettors wager in a betting pool instead of fixed odds. Known for being the best football betting companies in Europe. All gambling activities in the country are subject to regulation by the UK Gambling Commission.
This is an executive non-departmental government agency that charged with overseeing the gaming regulations in the country. The agency issues licenses to betting companies operating in the countries. For the betting companies in Europe, looking to operate in the area. UK Gambling Commission issues licenses and also sanctions them to comply with the established regulatory framework.
Some of the best betting sites in Europe have set shop here. Providing bettors in the country with a wide range of options. Online bookmakers such as Betway, Betfair, Matchbook Bet online, 888sports, BETDAQ, and Paddy Power are some of the players you will find in the United Kingdom.
Online gambling has been legal since 2010 with different online betting activities regulated by different agencies. Online sports betting in France requires operators to acquire state licenses from the National Gaming Authority. Before the repealing of the Gambling Act, like most markets in Europe prior to 2010 betting was a governmental monopoly.
The changes in law led to the opening up of the French betting market. Since then, several betting companies have set their foot in the country. Some of these betting sites in Europe known to provide credible betting predictions in Europe. Sport betting in France like many other jurisdictions are heavily taxed, with current reports showing. That it has been hit with an 8.5 % tax, applicable on all bets placed.
Bettors need to familiarize themselves with these changes as they impact their revenues. The high taxation leveled against the industry in France said to have led to bettors playing at unlicensed sites which headquartered in other countries. Pundits point out that such practice may guarantee relatively higher returns but there are dangers of losing funds. And with the unlicensed nature of the betting site, one cannot recover the lost money. France has big potential for online sports betting but analysts have pointed out that the industry stifled by heavy taxation and regulations.
Other European betting markets have the following features:
- Spain allows online sport betting but has to be with a licensed site
- Sweden has allowed online betting but government-run sites remain the most popular
- Switzerland only allows online betting with licensed operators.
Online sports betting in Europe are growing. But it hampered by the lack of a uniform regulatory framework as well as heavy taxation.