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(AsiaGameHub) – In 2024, Belgium’s regulated gambling revenue declined, bringing an end to the streak of growth that followed the COVID period. New data from the Belgian gambling regulator links the drop to softer in-person retail activity, weaker online performance, and pressure from regulatory changes introduced starting in 2023.
Good to Know
- Belgium’s total GGR fell 4.86% to €1.61 billion in 2024
- Online gambling still led the market, accounting for 57.1% of total GGR
- Land-based gambling declined faster than online gambling across most industry segments
Belgium Gambling Revenue Drops as Retail Slows and New Regulations Take Effect
Falling revenue from physical gambling drove most of the 2024 decline, even though online gambling revenue also dipped. Total gross gaming revenue across all licensed operators reached €1.61 billion, down from €1.69 billion one year prior. This marks the first full year of contraction for Belgium’s regulated gambling market since 2020.
Online gambling still held the largest share of the national market. Licensed online operators generated €919.10 million, or 57.1% of total GGR, but the figure still fell 2.7% year over year. Land-based gambling hit €690.41 million, equal to 42.9% of the market, after a sharper 7.59% drop.
Casino activity bucked the broader industry slowdown. Total casino GGR rose 7.32% to €638.45 million, with online casinos producing roughly three quarters of that total. Both offline and online casino segments recorded growth: offline casino revenue climbed 3.7% and online casino revenue grew 8.7%.
All other segments posted weaker results. Revenue under arcade gambling licences fell 11.95% to €384.75 million. Online arcade activity dropped 23.8%, while offline revenue in this segment rose 4.24%. Low-stakes gaming fell 21.71% to €222 million, and cafe-based bingo also declined by 24.7%.
Brick-and-Mortar Betting Shops Lose Market Ground
Total sports betting GGR came in at €364.3 million, a 6.59% drop. Online betting held up better, slipping only 2.11%, while offline betting fell 13.58%. Traditional betting shops and outlets suffered an even harder hit, with a 17.9% year-over-year GGR decline.
Part of this pressure stems from a reduction in active licences. The number of betting shop licences fell from 535 to 408 over two years. Retail outlets posted milder sales drops, and core sports betting products grew 4% in revenue. Meanwhile, horse racing betting and other non-core bets moved in the opposite direction, falling 32.8% and 44.7% respectively.
The regulator attributes most of the overall market decline to tighter regulations rolled out starting in 2023. One major change banned cumulative sites, so operators can no longer host products from different licence types on a single platform. Arcade licence holders felt the impact of this change more than most groups. In some cases, operators moved products to casino or betting platforms, which shifted how revenue is counted across different licence classes.
Other regulatory changes have added additional pressure. Belgium raised the minimum legal gambling age from 18 to 21. Authorities also banned promotional gambling bonuses, tightened advertising rules, and enforced ID and EPIS checks more strictly. While advertising limits have been a core part of Belgium’s gambling policy, the regulator says it remains unclear whether the changes actually improved player protection.
The longer-term industry trend makes the 2024 result even more notable. Belgium’s online GGR grew roughly 60% from 2020 to 2023, including 18% growth in 2023 alone. Against this backdrop, the latest decline shows the market is no longer on a consistent upward growth path.
The regulator also flagged another pressing concern. It says urgent research is needed to check whether players have started shifting to unregulated gambling sites. 2024 reporting was also delayed and more condensed than usual due to changes to financial reporting processes and understaffing in the financial control unit. 2025 figures are expected to be released on time.
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