LeoVegas submitted a licence application for casino and sports betting, and eyes to set foot in the Spanish market by the end of the first quarter, according to a press statement published by the group in mid-December. The move comes soon after Spain approved a remarkable tax cut of 5% for iGaming operator revenues. At the same time GiG also recently announced to enter Spain.
“We are now taking the next step on our global expansion journey and apply for our first license in a Spanish-speaking country, Spain,” says Gustaf Hagman, CEO of LeoVegas Group.
Mr Hagman tags Spain as one of the fastest growing markets in Europe. The CEO believes that due to the group’s technology and experience; they will be able to effectively adapt their business to regulated markets regardless of language and regulations.
As more than 470 million people speak Spanish, the company sees entering Spain as a first step to get into several Spanish-speaking countries, the press release notes.
The Spanish casino market grew by more than 30% in Q3 2018 compared to 2017, and it is projected to be worth approximately €1bn in 2019 according to estimates provided by H2 Gambling Capital data, which is one of the gambling industry’s leading providers of data and analyses. The Swedish market, in comparison, is worth approximately €1.4bn.
“Today only about 11% of all gaming in Spain is conducted online, compared with 52% in Sweden. Spain’s online gaming market is experiencing strong growth as more and more gaming is being conducted online. The most recent figures from the Spanish gambling authority show that the casino segment grew by 30% in Q3 2018 compared with the same period last year,” LeoVegas notes in the press release.
LeoVegas holds gaming licences in Malta (EU), the UK, Denmark, Italy, Sweden, Ireland and now awaits for Spain.
LeoVegas’s announcement comes very shortly after a cut in gross gaming revenue from 25% to 20% has been approved by the Spanish government. LeoVegas appears to pop up as a fierce competitor of GiG in the market with a jumpstart, which announced similar plans very recently for the second half of the year.