Last Updated on Tuesday, 2 July, 2019 at 9:20 am by Christian Keszthelyi
Gaming Innovation Group Inc (GiG) has been awarded licences by the Directorate General for the Regulation of Gambling in Spain (DGOJ) permitting the GiG to offer online casino and sports betting in Spain, according to a press statement. GiG’s competitor LeoVegas also received the green light for the Spanish market today.
GiG expects to enter the Spanish market under these licences with its flagship brand Rizk. Simultaneously, GiG is also certifying its proprietary gaming platform and sportsbook, to sell to external licensed operators. GiG expects to take the first bets in Q4 and to scale up operations in Q1 2020, the press statement adds.
“We are delighted to be awarded the Spanish licences and are looking forward to serving the market with our top performing operator Rizk and our full suite of B2C and B2B products and solutions. The approximately €1bn market is the strongest growing market in Europe, at a rate of approximately 20%* per year, yet only 12% of the gambling is happening online, compared to more than 50% in mature digital markets in Europe, this represents a great opportunity for GiG,” said Robin Reed, CEO of GiG.
The launch into Spain follows GiG’s strategy of becoming a global operator and partner for strong brands in iGaming. GiG says it has aspirations to become a leader in a few select markets with its B2C brands, while expanding globally through B2B partnerships.
Spain regulated online gambling on a national level in 2011, the offline to online transition is further driving growth. Total Gross Gaming Revenue in Spain in 2018 was approximately $10bn, of which online gambling was 12%. Forecasts estimate the online gambling share in Spain to rise to more than 18% by 2024, the GiG press statement says.
The entry to the Spanish market also serves as a gateway to the Latin American markets, the establishment of our business in these markets is a key priority. GiG currently has licences and/or platform certifications in Malta, United Kingdom, the German State of Schleswig-Holstein, Sweden, Latvia and Spain.
The Spanish government approved a five-per-cent cut in gross gaming revenue from 25% to 20%, which action has been raising high hopes for the global iGaming industry, attracting eyes to the country, according to reports.
LeoVegas submitted a licence application for casino and sports betting, eyeing to set foot in the Spanish market late last year. LeoVegas’ competitor Gaming Innovation Group Inc (GiG) also applied for an online B2C casino and sports betting licence in Spain earlier.
Today, LeoVegas has also been granted an online gaming licence in Spain and will shortly launch its Spanish site. The licence applies to both casino and sports games, according to a press release by the iGaming company.