Belgium Gambling Revenue Falls to €1.61bn in 2024
Belgium’s Regulated Gambling Revenue Falls to €1.61 Billion in 2024 – First Annual Contraction Since 2020 Amid Tighter Rules
Key Takeaways
- Total regulated gross gaming revenue in Belgium fell to €1.61 billion in 2024, down from €1.69 billion in 2023.
- Online gambling generated €919.10 million, accounting for 57.1% of total GGR, but declined 2.7% year on year.
- Land based gambling revenue dropped 7.59% to €690.41 million.
- Sports betting GGR fell 6.59% to €364.3 million, with betting shop licences decreasing from 535 to 408 over two years.
- The regulator linked the downturn to rule changes introduced since 2023, including a bonus ban, stricter advertising limits, and a higher minimum gambling age.
Total Market Revenue Declines After Post Pandemic Growth
Belgium’s regulated gambling market recorded its first annual revenue decline since 2020. According to newly published data from the national regulator, total gross gaming revenue across licensed operators reached €1.61 billion in 2024. This compares with €1.69 billion in 2023 and marks the first full year of contraction after several years of expansion following the Covid period.
The longer term trend highlights the change in direction. Online GGR in Belgium increased by around 60% between 2020 and 2023, including growth of 18% in 2023 alone. Against this backdrop, the 2024 figures indicate that the market is no longer expanding in a linear pattern.
Both online and land based segments contributed to the decline, although the drop in physical gambling activity had the larger impact in absolute terms.
Online Gambling Retains Majority Share but Slips Year on Year
Licensed online operators generated €919.10 million in 2024, representing 57.1% of total regulated GGR. Despite maintaining the largest share of the market, online revenue decreased by 2.7% compared with the previous year.
Land based gambling revenue reached €690.41 million, equivalent to 42.9% of the total market. This segment declined more sharply, falling 7.59% year on year.
The data shows diverging developments within individual product categories. Casino activity stood out as the only major segment to post overall growth during the year.
Casino Segment Grows While Arcades and Low Stakes Gaming Fall
Casino gross gaming revenue increased by 7.32% to €638.45 million in 2024. Online casinos accounted for around three quarters of this total and recorded growth of 8.7%. Offline casino revenue also rose, though at a slower pace of 3.7%.
In contrast, arcade licences experienced a significant contraction. Total arcade revenue declined 11.95% to €384.75 million. Within this segment, online arcade activity dropped by 23.8%, while offline arcade revenue rose 4.24%.
Low stakes gaming revenue decreased by 21.71% to €222 million. Bingo offered in cafes also saw a marked reduction, with GGR down 24.7%.
The regulator noted that some of the shifts across licence categories were influenced by structural changes to the licensing framework introduced since 2023.
Sports Betting Revenue and Retail Network Under Pressure
Sports betting generated €364.3 million in gross gaming revenue in 2024, a decline of 6.59% compared with the previous year. Online sports betting proved more resilient, slipping by 2.11%, while offline betting fell 13.58%.
Betting shops and outlets experienced a 17.9% year on year drop in GGR. Over a two year period, the number of betting shop licences decreased from 535 to 408. The reduction in licences contributed to lower overall retail betting revenue.
Within the betting category, sports betting as a product rose by 4%. However, horse racing and other betting products declined sharply, by 32.8% and 44.7% respectively. These shifts affected the overall composition of betting revenue in the regulated market.
Regulatory Changes Since 2023 Linked to Market Slowdown
The Belgian regulator connected much of the 2024 market decline to tighter gambling rules introduced from 2023 onward. A key change was the ban on cumulative sites. Operators are no longer permitted to host products from different licence types on a single platform.
Arcade licence holders were particularly affected by this rule. In some cases, operators moved products to casino or betting websites, which altered how revenue is distributed across licence classes rather than eliminating the activity entirely.
Additional measures included raising the minimum gambling age from 18 to 21, banning bonuses, tightening advertising restrictions, and enforcing identification and EPIS checks more strictly. Advertising limits have been a central component of Belgian gambling policy in recent years.
The regulator stated that it remains unclear whether these changes have resulted in improved player protection outcomes.
Concerns About Potential Shift to Unregulated Sites
Beyond the immediate revenue figures, the regulator highlighted the need for urgent research into whether players are migrating to unregulated gambling websites. The concern is that stricter rules in the licensed market could redirect demand outside the regulated framework.
Reporting for 2024 was delayed and more summarised than in previous years due to changes in financial reporting processes and understaffing in the financial control unit. The regulator indicated that figures for 2025 are expected to be published on time.
Our Assessment
Belgium’s regulated gambling market contracted in 2024 for the first time since 2020, with total GGR falling to €1.61 billion. The decline affected both online and land based segments, although casinos recorded growth while arcades, low stakes gaming, and several betting categories weakened. The regulator attributes much of the downturn to stricter rules introduced since 2023, including structural licensing changes, a higher minimum age, bonus bans, and advertising restrictions. At the same time, authorities have identified the need to examine whether players are shifting to unregulated sites, indicating that the full impact of the regulatory framework on market structure and channelisation remains under review.
