Last Updated on Tuesday, 13 August, 2019 at 10:38 am by Christian Keszthelyi
Gaming Innovation Group Inc (GiG) applied for an online B2C casino and sports betting licence in Spain as part of its expansion in regulated markets, according to a press release GiG published in mid-December. The move comes soon after Spain approved a remarkable tax cut of 5% for iGaming operator revenues. GiG appears to go as a contender of LeoVegas with similar plans.
As part of its licensing process, the company aims to certify its B2B technical platform and offer its services and solutions to external licensed operators in the Spanish market, according to the press release. The company is entering the Spanish market with both its B2C and B2B activities and is set to launch operations in the second half of the year.
Spain started regulating online gambling on a national level in 2011. Total Gross Gaming Revenue in Spain in 2017 was approximately $10bn, of which online gambling was 10%. Forecasts expect this to rise to more than 15% by 2023, the press release notes based on H2 Gambling Capital data, which is one of the gambling industry’s leading providers of data and analyses.
GiG’s announcement comes on time very shortly after a cut in gross gaming revenue from 25% to 20% has been approved by the Spanish government. Competition on the market might be quite harsh in 2019, as LeoVegas has recently announced similar plans.