Spain’s Gambling Industry Shows Signs of Growth
Figures detailing the state of gaming industry for the last quarter of 2012 in Spain paint an optimistic picture following the more stilted figures of Q3 when the industry almost halted entirely.
Many believe the poor performance of Q3 reflects the unprecedented high in Spanish unemployment figures.
In the last quarter of 2012, Spain showed a 41% increase in gross gambling revenue with online tournaments increasing to 21% while online gambling going up an impressive 17% reaching €17.4 million.
The 2012 figures were eagerly anticipated as they give the first impression of the industry following an all-encompassing legal overhaul culminating in the 1 June 2012 National Gaming Regulations.
The Spanish government realised the necessity to regulate the gaming industry with special attention given to the online sector. The result of the overhaul was fairly extensive with the new legislation limiting stakes at €10 while gaming operators are taxed a substantial 25%.
In addition, online players are also suffering higher income taxes and VAT though it is almost impossible for the authorities to track these.
A number of large companies were granted operating licences including William Hill, Sportingbet and 888.