Hola! Online casino operators could be heading for Spain2017-08-01 12:42:27
Online Casino Operators, brush up on your Spanish!
In 2016, the Spanish online casino market was worth approximately $430 million in gaming revenue, a huge increase of more than 30% from 2015. So, it is no surprise that online casino operators from across the world will be enticed by the potential to join the lucrative Spanish market. Spain is currently showing huge developments in advertising, fantasy sports and online gaming in general. The online gaming and betting market is thriving in Spain and online casino operators will be hoping to grab a slice of the pie.
Diversifying markets in Spain
This is an exciting time for online betting and online gaming platforms in Spain. In June of this year, Vodafone entered the Spanish eSports market, joining other big hitters such as Telefonica and Orange. This is just another example of the changing times in Spain, Swedish gaming giant NetEnt, have also recently launched their portfolio of online table games to the Spanish market. The market in Spain is loving the innovative games which foreign companies are throwing into the mix. If Spain gives operators a chance to enter the rapidly growing market, the industry will take off to a whole new level.
A new beginning in Spain
Spain’s lawmakers look set to invite casino operators to pursue general licenses later this year. Operators have not the opportunity to enter the Spanish market since 2014, a year where Spain attracted 10 new operators. During the last period where operators have the chance to enter Spain, the licensing window was accompanied with changed to regulations around online slot games, making them legal. Every time a new licensing process occurs in Spain, there are changes in regulations.
Santiago Asensi, who is the co-founder of Spanish law firm Asensi Abogados, said that the Spanish gambling authority would have to introduce regulations regarding online poker liquidity. Fantasy sports are currently illegal in Spain, so there is a good chance that the law could be changed regarding fantasy sports. Spain’s online gambling tax rates look unlikely to alter, however, Asensi commented that: “Spain is in a good position to move forwards with adopting formal regulations addressing online gambling advertising.
2017 looks like being a very big year for Spain’s online casino industry. The Spanish gambling authority will be hoping to get the process underway, however, it may take some time. A decree would have to be viewed by the many different levels of the Spanish government and approved by all. In 2015, Spanish officials sent a draft decree to the European Commission in Brussels, but the document didn’t make any headway. It is hard to say whether a final change in law will take place by the end of this year, but it looks likely that there will be changes on the horizons in the near future.