German online gambling market projected to surpass €3 billion by 2024

German online gambling market projection

A new projection by consulting and research provider Goldmedia expects German online casino to generate €3.3 billion by 2024. 

The research was conducted in collaboration with CasinoOnline.de and included a number of gaming verticals, such as casinos, sports betting and gaming machines. 

Last year, the German online casino market was worth €2.2 billion in revenue. In the same year, sports betting wagers rose by over a fifth. 

Both online casino and sports betting witnessed the highest levels of growth, with both rising significantly since 2018. 

The growth of online betting in Germany 

Between 2018 and 2019, Goldmedia found that the online casino vertical in Germany grew by 10.6%. Meanwhile, sports betting revenue has increased by 18.6%. In February, the country’s sports betting association had revealed that sports betting stakes rose by 21% in 2019. 

Gaming revenue is expected to take a hit in 2020, due to the COVID-19 pandemic. Goldmedia believes this will be at around 12.9%, much of which can be attributed to the temporary halting of major sporting events. 

German players also consulted 

As part of Goldmedia’s market research and projections, 400 German players were surveyed. 

With stricter gambling regulations expected to come into force next year, 62% of respondents said that – if given the choice – they’d bet on a regulated operator’s website. The other 38% said they would prefer to play with brands that don’t hold a German licence, but are regulated elsewhere. 

It was revealed that many operators attract players through online advertising, with 39% of acquisitions coming via such means. Social media brought in just 9% of customers, with 28% of online casino acquisitions coming through recommendations from others. 

Spending figures were not high, with 52% saying that they bet less than €50 per month online. 

Players were also asked about player protection measures. As high as 81% said that they agreed with such measures, including deposit limits.