Belgium’s gambling market contracts for first time since 2020
Table of contents
- Belgium’s licensed gambling market generated €1.61bn in GGR in 2024, down 4.86% year-on-year.
- Land-based revenue fell 7.59%, with betting shop GGR dropping nearly 18% as the number of licensed outlets declined.
- The Belgian Gaming Commission acknowledged uncertainty over whether regulatory measures have improved player protections.
Belgium’s regulated gambling market posted its first full-year revenue decline since the Covid-19 pandemic, with new figures from the Belgian Gaming Commission showing GGR fell 4.86% to €1.61bn in 2024.
The Belgian Gaming Commission has just released its 2024 report.
Total revenue dropped from €1.69bn in 2023, ending a run of consistent growth that had seen online GGR expand by approximately 60% between 2020 and 2023.
Segment breakdown
Online GGR came to €919.10m, representing 57.1% of total revenue and a 2.7% year-on-year decline. Land-based GGR fell more sharply, dropping 7.59% to €690.41m.
The casino segment was the standout performer. Casino GGR rose 7.32% to €638.45m, with online casino platforms accounting for approximately three-quarters of that figure.
Arcade licence holders fared considerably worse. GGR fell 11.95% to €384.75m, with online arcade activity down 23.8%. The regulator attributed the sharp decline in part to a ban on the cumulative-site model, which prohibits operators from hosting products under different licence categories on the same platform.
Low-stakes gaming dropped 21.71% to €222m. Café bingo revenue also fell by more than 18%.
Sports betting GGR declined 6.59% to €364.3m. Offline betting fell 13.58%, with online edging down 2.11%. Horse racing and other non-sport betting categories suffered steeper drops of 32.8% and 44.7% respectively.
Regulation cited as driver
The Belgian Gaming Commission attributed the overall decline to a series of regulatory measures implemented since 2023. These included the cumulative-site ban, an increase in the minimum gambling age from 18 to 21, a prohibition on bonuses, stricter advertising rules, and enforced identity checks through the EPIS self-exclusion system.
The number of licensed betting shop outlets fell from 535 to 408 over two years, contributing directly to the 17.9% drop in retail betting GGR.
The regulator noted that some apparent revenue shifts between categories reflect operators consolidating onto casino or betting platforms following the cumulative-site restrictions, rather than an outright loss of player activity.
Black market concerns
The Gaming Commission stressed the need for urgent research to assess whether players have migrated to unlicensed operators. It also acknowledged uncertainty over whether the restrictions introduced since 2023 have successfully improved player protections.
Advertising restrictions have been a particular focus for Belgian regulators. The commission recently opened an investigation into Eden Hazard over his promotional work as a Stake ambassador.
The regulator noted delays in its 2024 reporting process, citing changes to financial reporting procedures and understaffing in its financial control unit. The 2025 figures are expected to be released on schedule.
With further advertising restrictions having taken effect in January 2025, and a full sports sponsorship ban on professional clubs scheduled for 2028, Belgium’s licensed operators face continued structural pressure.
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