Belgian gambling sector reports revenue drop in market turnaround

Belgium’s regulated gambling market experienced a notable contraction in 2024, marking the first annual decline since the global disruption caused by the Covid-19 pandemic. Newly released figures from the Belgian Gambling Commission indicate that the sector, which had previously demonstrated strong recovery and expansion, has now entered a period of adjustment.

The delayed publication of the data, attributed to administrative and staffing constraints, provides a comprehensive overview of the market’s performance. It confirms that the upward trajectory observed between 2020 and 2023 has slowed, with revenue declining after a period of significant growth driven largely by digital adoption.

Between 2020 and 2023, online gambling in Belgium expanded rapidly, with gross gambling revenue increasing by approximately 60 percent. This surge was closely linked to pandemic-related restrictions that accelerated the shift toward digital entertainment. However, the 2024 data suggests that the market has reached a point of stabilization, influenced by both regulatory developments and changing consumer behavior.

Overall revenue declines despite strong casino performance

According to the regulator’s findings, Belgium’s total gross gaming revenue from licensed operators stood at €1.61 billion in 2024. This represents a year-on-year decline of 4.86 percent, signaling a broad-based slowdown across multiple segments of the market.

While the contraction was most pronounced in land-based gambling, the online sector also experienced a modest decline. This dual impact highlights the complexity of the current market environment, where both traditional and digital channels are facing new pressures.

Despite the overall downturn, the casino segment emerged as a relative area of resilience. Total casino revenue increased by 7.32 percent, reaching €638.4 million. A significant proportion of this revenue was generated through online platforms, which accounted for roughly three-quarters of the total casino segment.

This growth suggests that while the broader market may be softening, certain verticals continue to perform well, particularly those with strong digital integration and established consumer demand.

Online gambling remains dominant but slows

Online gambling retained its position as the dominant segment within Belgium’s regulated market. In 2024, it accounted for 57.1 percent of total gambling revenue, underlining the structural shift toward digital channels that has taken place over recent years.

However, the online segment recorded a decline of 2.7 percent, with revenue totaling €919.1 million. Although this decrease is relatively modest compared to land-based losses, it is significant in the context of the rapid growth previously experienced.

Several factors may explain this slowdown. Market saturation is one potential explanation, as the rapid expansion seen during the pandemic years may have reached its natural limits. Additionally, regulatory changes introduced in recent years are likely to have had a measurable impact on operator activity and player engagement.

Land-based sector faces sharper contraction

The land-based gambling sector experienced a more pronounced decline in 2024, with revenue falling by 7.59 percent to €690.41 million. This drop reflects ongoing structural challenges faced by physical venues, including changing consumer preferences and increased competition from online alternatives.

Within this segment, performance varied across different product categories. Slot machines, traditionally a key revenue driver for land-based venues, saw mixed results. Overall slot revenue declined by 11.95 percent to €384.75 million, primarily due to a sharp decrease in online slot activity.

Interestingly, land-based slot machines recorded a modest increase of 4.24 percent, suggesting that some consumers continue to value the in-person experience. However, this growth was insufficient to offset the broader decline in the segment.

Sports betting declines amid reduced retail presence

Sports betting also experienced a downturn in 2024, with total revenue falling by 6.59 percent to €364.3 million. The decline was particularly evident in the land-based betting sector, where revenue dropped by 13.58 percent.

One contributing factor to this decrease is the reduction in retail betting licenses, which fell from 535 to 408. This contraction in the number of physical outlets has naturally limited access to in-person betting, thereby reducing overall activity in this segment.

Online sports betting, while more resilient, also recorded a slight decline of 2.11 percent. The regulator noted that reduced interest in horse racing and certain niche betting markets contributed to this trend.

These developments suggest that sports betting, like other segments of the market, is undergoing a period of recalibration influenced by both supply-side constraints and shifting consumer preferences.

Low-stakes gaming and café bingo see steep declines

One of the most significant declines was observed in the low-stakes gaming segment, which fell by 21.71 percent to €222 million. This category includes activities such as café-based bingo, which saw a particularly sharp drop of 24.7 percent.

The decline in this segment may reflect a combination of factors, including reduced foot traffic in hospitality venues and changing leisure habits among consumers. Additionally, regulatory measures aimed at promoting responsible gambling may have had a more pronounced effect on lower-stakes activities, where participation is often more casual.

Regulatory changes reshape the market landscape

A key factor influencing the Belgian gambling market in 2024 has been the introduction of new regulatory measures. The Belgian Gambling Commission highlighted several policy changes implemented in 2023 that are likely to have contributed to the observed decline in revenue.

One notable reform involved restrictions on the use of multiple license types within a single online platform. Previously, operators could offer a range of gambling products, including slots, under a single website using different licenses. The new rules prohibit this practice, requiring greater separation between product categories.

This change has had a direct impact on online slot activity, particularly where such games were previously integrated into sports betting platforms. As a result, demand for online slots has declined, contributing to the overall reduction in revenue.

Another significant policy shift was the increase in the minimum legal gambling age from 18 to 21. This measure is intended to enhance consumer protection and reduce the risk of gambling-related harm among younger individuals. However, it has also reduced the size of the eligible player base, which may have affected overall market performance.

In addition, Belgium introduced a ban on gambling advertising from July 1, 2023. This restriction limits operators’ ability to promote their services, potentially reducing customer acquisition and engagement. While the long-term impact of this policy remains to be seen, it is widely considered a contributing factor to the market’s recent slowdown.

A market in transition

The Belgian gambling industry’s performance in 2024 reflects a market in transition. After several years of rapid growth, particularly in the online segment, the sector is now adjusting to a new regulatory environment and evolving consumer dynamics.

While the decline in revenue may raise concerns among operators and stakeholders, it is important to consider the broader context. Regulatory measures introduced in recent years are aimed at promoting sustainability and responsible gambling, even if they result in short-term economic impacts.

Moreover, the continued dominance of online gambling and the resilience of certain segments, such as online casinos, suggest that the market retains a strong underlying foundation.

Conclusion: Balancing growth and responsibility

The 2024 data from the Belgian Gambling Commission provides a clear indication that Belgium’s gambling market is entering a new phase. The decline in revenue, while notable, should be understood as part of a broader process of regulatory adjustment and market maturation.

The introduction of stricter rules, including advertising restrictions and age limits, reflects a policy approach that prioritizes consumer protection and long-term sustainability over short-term growth. These measures may continue to influence market dynamics in the coming years.

At the same time, the resilience of key segments such as online casinos demonstrates that demand for regulated gambling products remains strong. The challenge for operators will be to adapt to the evolving regulatory framework while maintaining engagement and innovation within permissible boundaries.

Looking ahead, the Belgian market is likely to stabilize as both operators and consumers adjust to the new environment. While growth rates may be more moderate compared to the post-pandemic surge, the emphasis on responsible gambling and regulatory compliance could ultimately support a more balanced and sustainable industry.

FAQs

What caused the decline in Belgium’s gambling revenue in 2024?
The decline is attributed to regulatory changes, reduced retail betting locations and a natural slowdown after rapid growth in previous years.

How much did Belgium’s gambling revenue decrease in 2024?
Total gross gaming revenue fell by approximately 4.86 percent to €1.61 billion.

Did online gambling also decline in Belgium?
Yes, online gambling revenue decreased by 2.7 percent, although it remained the largest segment.

Which segment performed best despite the downturn?
The casino segment showed growth, increasing by 7.32 percent, largely driven by online casinos.

Why did sports betting revenue decline?
Sports betting declined due to fewer retail licenses and reduced activity in certain betting markets.

What impact did regulatory changes have on the market?
Regulatory changes limited product offerings, increased the legal gambling age and restricted advertising, all of which affected revenue.

How did land-based gambling perform in 2024?
Land-based gambling saw a sharper decline compared to online, with revenue dropping by 7.59 percent.

What happened to low-stakes gaming activities?
Low-stakes gaming, including café bingo, experienced a significant decline of over 20 percent.

Is online gambling still dominant in Belgium?
Yes, online gambling accounts for more than half of total revenue despite a slight decrease.

What is the outlook for Belgium’s gambling market?
The market is expected to stabilize as operators adapt to regulatory changes and consumer behavior evolves.