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Belgium Gambling Revenue Declines in 2024 After Post-2020 Growth

Belgium Gambling Revenue Falls to €1.61 Billion in 2024 – First Annual Contraction Since 2020 Amid Tighter Rules

Key Takeaways

• Total regulated gross gaming revenue in Belgium fell to €1.61 billion in 2024, down from €1.69 billion in 2023.
• Online gambling remained the largest segment with €919.10 million, but declined 2.7% year on year.
• Land based gambling dropped 7.59% to €690.41 million, driving most of the overall contraction.
• Casino revenue rose 7.32% to €638.45 million, while sports betting GGR fell 6.59% to €364.3 million.
• The regulator linked the decline to rule changes introduced since 2023, including a bonus ban and a higher minimum gambling age.

Belgium Records First Full Year of Gambling Revenue Decline Since 2020

Belgium’s regulated gambling market contracted in 2024, marking the first full year of revenue decline since 2020. According to newly released data from the national regulator, total gross gaming revenue across licensed operators reached €1.61 billion, compared with €1.69 billion a year earlier.

The result ends a multi year growth phase that followed the Covid period. From 2020 to 2023, online gross gaming revenue alone increased by around 60%, including 18% growth in 2023. Against that backdrop, the 2024 decline represents a clear shift in market momentum.

Both online and land based segments recorded lower revenue, although the contraction was more pronounced in retail gambling.

Online Gambling Retains Market Lead but Slips 2.7%

Licensed online operators generated €919.10 million in 2024, accounting for 57.1% of total gross gaming revenue. Despite maintaining the largest share of the market, online revenue declined 2.7% compared with the previous year.

Land based gambling contributed €690.41 million, representing 42.9% of the total market. This segment recorded a sharper year on year drop of 7.59%, which accounted for most of the overall market contraction.

The data indicates that while digital gambling remains structurally dominant in Belgium, it is no longer expanding at the pace seen in recent years. For users comparing online platforms, the figures show that licensed online activity continues to form the core of the regulated market, even under tighter rules.

Casino Segment Grows While Arcade and Low Stakes Gaming Decline

Casino gambling was the main exception to the broader slowdown. Total casino gross gaming revenue rose 7.32% to €638.45 million in 2024. Around three quarters of this amount came from online casinos.

Growth was visible in both channels. Offline casino revenue increased 3.7%, while online casino revenue rose 8.7%. This contrasts with other product categories that recorded significant declines.

Arcade licences generated €384.75 million, down 11.95% year on year. Within that segment, online arcade activity dropped 23.8%, although offline revenue rose 4.24%. Low stakes gaming declined 21.71% to €222 million. Bingo in cafes fell 24.7%.

The regulator noted that changes to licensing structures played a role. Since 2023, cumulative sites have been banned. Operators are no longer allowed to host products from different licence types on a single platform. Arcade licence holders were particularly affected. In some cases, operators shifted products to casino or betting licences, which altered how revenue is allocated across categories.

Sports Betting Revenue Falls as Retail Licences Decline

Sports betting gross gaming revenue reached €364.3 million in 2024, representing a 6.59% decrease compared with the previous year.

Online betting proved more resilient, declining 2.11%. Offline betting dropped 13.58%, while betting shops and outlets recorded a 17.9% year on year fall in gross gaming revenue.

Part of this reduction is linked to a decrease in licences. The number of betting shop licences fell from 535 to 408 over two years. Within sports betting products, sports wagers rose 4%, while horse racing and other bets declined 32.8% and 44.7% respectively.

For users who rely on physical betting outlets, the data shows a structural contraction in retail availability. Online betting remains comparatively stable, but still recorded a moderate decline.

Regulatory Changes Since 2023 Add Pressure to the Market

The regulator attributed much of the 2024 decline to stricter rules introduced from 2023 onwards. One major reform was the ban on cumulative sites, limiting cross licence product offerings.

Additional measures included raising the minimum gambling age from 18 to 21, banning bonuses, tightening advertising restrictions, and enforcing identity and EPIS checks more strictly.

Advertising controls have been a central element of Belgian gambling policy. However, the regulator stated that it remains unclear whether these changes have improved player protection outcomes.

The authority also highlighted the need for urgent research into whether players may be shifting toward unregulated gambling websites. This concern follows the combination of reduced advertising, bonus bans, and higher age limits.

Reporting for 2024 was delayed and more summarised than in previous years due to changes in financial reporting processes and understaffing in the financial control unit. Figures for 2025 are expected to be released on schedule.

Our Assessment

Belgium’s regulated gambling market generated €1.61 billion in gross gaming revenue in 2024, ending a multi year growth phase that followed 2020. The decline was driven primarily by land based gambling and specific segments such as arcades, low stakes gaming, and retail betting, while casino activity recorded growth. Regulatory measures introduced since 2023, including licence restructuring, a higher minimum age, a bonus ban, and stricter advertising rules, coincided with the market contraction. The regulator has identified the need to examine potential migration to unregulated operators as part of its next steps.