Spain online gambling market: Growth despite falling demand?

Bet365 leads Spain’s gambling market across brand power, customer acquisition, and earning potential, while consumer interest fell across most gambling categories. 

Some of Spain’s biggest gambling brands are growing rapidly, while others are losing ground. Blask’s latest data shows how competition is changing in Spain’s online gambling market, with brands recording very different results over the past year.

This article explores Spain’s leading gambling brands, changes in consumer interest, and the top casino games. 

Blask data extracted on 20 October 2026

Key findings

• bet365 leads Spain’s brand power ranking with 16.53% BAP, nearly twice bwin’s 8.41%.
• bet365 also ranks first for customer acquisition (1.05 million APS) and earning potential ($459.83 million CEB).
• bwin (67.22%) and Winamax (64.18%) recorded the strongest yearly growth among the top 10 brands, while bet365’s brand interest fell 5.52%.
• Consumer interest fell in eight of nine gambling categories, with online casino down 19.24% and live dealer online casino down 27.60% year-on-year.
• Prediction markets were the only category to grow, up 162.80% year-on-year, but remain the smallest category by measured interest.

Online gambling regulation in Spain: What operators need to know

The main law covering online gambling regulation in Spain is Law 13/2011. The Directorate General for the Regulation of Gambling (DGOJ) is responsible for issuing licences and overseeing the national online gambling market. 

Operators need two types of licences: 

• General licence: Allows operators to offer a broad type of gambling, such as betting. 
• Specific licence: Allows operators to offer particular games, like roulette, blackjack, or slots.

Licensed operators must also follow rules designed to protect players and control gambling advertising. Some of the main requirements include: 

• The minimum gambling age in Spain is 18, and operators must check players’ identity and age 
• Operators must prevent people registered in the national gambling exclusion system from gambling online
• Gambling advertising on television and radio is generally limited to 1 am-5 am 
• Gambling sponsorship on sports shirts is prohibited 

Spain’s advertising rules have also changed in recent years. Royal Decree 958/2020 introduced restrictions on gambling promotions and advertising, including a ban on using celebrities in advertisements. 

However, Spain’s Supreme Court removed some of these restrictions in 2024, including certain limits on promotions and online advertising, as well as the ban on using celebrities. Other advertising restrictions remain in place. 

Further changes are coming. Under Royal Decree 520/2026, Spain will introduce deposit limits covering all of a player’s accounts with licensed operators, starting on 25 March 2027. The standard limits will be €700 per day, €1,750 per week, and €3,300 over four weeks, although players can request changes. Until the new system takes effect, deposit limits continue to apply separately at each operator. 

These are some of the rules that affect how brands operate and compete for customers in Spain. 

Gambling in Spain: How the leading brands are measured

Blask uses several measures to compare brands and gambling categories. Here’s what the main metrics used in this analysis mean:

Spain online gambling market share by brand power 

Bet365 leads Blask’s Brand Accumulated Power (BAP) ranking in Spain at nearly 17%, almost twice bwin’s share of over 8%. 

Sportium follows in third place at a bit above 6%, while Casino Barcelona (almost 6%) and Codere (also almost 6%) complete the top five. 

Together, these five brands account for slightly over 43% of the BAP measured by Blask in Spain. However, this measure of Spain’s online gambling market share reflects brand power, not the operators’ actual share of gambling revenue. 

Bet365 has a much stronger leading position than its closest competitors. 

Blask co-founder Dmitry Belianin offered one explanation to European Gaming for its lead: 

‘Bet365 built its brand in Spain early, and the advertising restrictions since 2020 have locked the market around the names players already know. When you can’t buy awareness with TV or celebrities, people search for the brand they remember, and that brand search drives both acquisition and earnings.’

In fact, when looking at Blask’s measure of how well brands could attract new customers (Acquisition Power Score, or APS), and how much revenue they could potentially earn (Competitive Earning Baseline, or CEB), Bet365 comes out on top there too. We explore these measures in the next sections. 

Bet365 also leads customer acquisition potential

The ranking stays the same when looking at Blask’s APS, which estimates how well a brand could attract new customers. 

Bet365 remains in first place with an APS of 1.05 million, roughly twice bwin’s APS at around 500,000. Sportium follows in third place, and Casino Barcelona and Codere complete the top five. 

The top five brands appear in exactly the same order as they do in the BAP ranking. This means that, among Spain’s leading brands, those with the strongest brand power also rank highest for their estimated ability to attract new customers. 

However, the order changes slightly when looking at how much revenue these brands could potentially earn. 

Spain’s biggest gambling brands by earning potential

The ranking changes somewhat when looking at Blask’s CEB, which estimates how much revenue a brand could earn based on its position in the market and the competition it faces. 

Bet365 remains in first place at nearly $460 million. However, there are some changes in the ranking: 

• Sportium moves into second place, despite ranking third for both BAP and APS
• Bwin falls to third, despite ranking second for both other measures 
• Codere moves up one place to fourth, while William Hill enters the top five despite ranking eighth by BAP. 

So, while bet365 leads across all three measures, the other brands don’t always follow the same order. This shows that a brand attracting more attention or having a higher chance of gaining new customers doesn’t necessarily have greater earning potential. 

Which leading Spanish gambling brands are gaining ground? 

To compare growth among Spain’s leading gambling brands, we focused on the top 10 by BAP rather than those with the biggest percentage changes. This is because smaller brands can record large increases when starting at a low level, even if their overall brand power remains relatively low. 

Six of the top 10 brands recorded year-on-year (YoY) growth, with the biggest increases coming from: 

• bwin: over 67% 
• Winamax: around 64%
• Casino Barcelona: just over 31% 

Meanwhile, William Hill recorded the biggest yearly fall at nearly 37%. Sportium (over 8%) and bet365 (around 6%) also saw declines. 

So, although bet365 remains Spain’s strongest brand by BAP, it hasn’t recorded the same growth as some of its competitors. 

Belianin also believes that other brands are becoming stronger competitors: 

‘Bet365 is not untouchable though — local challengers have been taking share.’

The month-on-month (MoM) figures are more mixed, with five brands growing and five declining. Bwin recorded the biggest monthly increase at over 95%, closely followed by Betfair at nearly 94%. On the other hand, Casino Barcelona recorded the largest monthly fall at over 14%. 

Spain online gambling market sees falling consumer interest

Consumer interest fell across most gambling categories in Spain according to the Blask Index, which measures demand using gambling-related search activity. 

Fantasy recorded the highest Blask Index at nearly 4 million, followed by online betting at almost 2 million. Online casino ranked third at a bit over 1 million, while live dealer online casino followed at around 756,000. 

However, all four categories recorded YoY declines. 

Overall, eight of the nine categories recorded yearly declines, with some of the biggest falls seen in: 

• Bingo: down nearly 46%, although its Blask Index was much lower than those of the leading categories
• Live dealer online casino and racing: both down nearly 28%
• Online poker: down over 24% 
• Online casino: down over 19% 

Belianin told European Gaming that he believes these declines may be linked to changes in how gambling brands attract new customers, as well as the restrictions they face: 

‘Spain is shifting from acquisition to retention. Search interest is falling while regulated revenue keeps growing, so existing players are spending more but fewer new ones are coming in. Tighter rules on bonuses and ads, plus the new cross-operator deposit limits, make discovery harder, and live casino is feeling it most.’

Prediction markets were the only gambling category in Spain to record yearly growth, rising by nearly 163%. However, their Blask Index was a bit over 13,000, making them the smallest of the nine categories by measured interest. 

Belianin explained that the increase partly reflects the category’s small starting point, but he also believes interest is growing: 

‘13K is a small base, so triple-digit growth comes easily, but the signal is real — interest kept rising even after the DGOJ ordered blocks on Polymarket and Kalshi. What happens next depends on the regulator: if licensed operators get a route to offer sports-based prediction products, this becomes a real category in Spain, and if not, the demand goes offshore.’

So, while Blask’s data shows growing interest in prediction markets, Belianin believes that the category’s future in Spain will depend partly on how the regulator handles these products. 

Slots dominate casino content, but live blackjack leads player interest

Slots make up nearly 79% of casino content tracked by Blask across 414 brands in Spain. 

Other game types account for much smaller shares: 

• Live games: 8.95%
• Crash games: 3.46%
• Roulette: 1.92%
• Blackjack: 1.18% 

Among game providers, Pragmatic Play has the largest share of casino content at 13.28%, followed by Evolution (5.08%) and BGaming (4.72%). 

Blask also measures visibility, which shows how likely players are to come across a game when browsing casino lobbies.

Interestingly, the most visible game in Spain is Mega Fire Blaze Roulette Live at 68.31%, rather than a slot. The next three are all slots: 

• Big Bass Splash: 60.08%
• Gates of Olympus Super Scatter: 59.16%
• Big Bass Halloween Splash 1000: 58.02% 

However, visibility doesn’t necessarily mean a game attracts more interest. Blask measures this separately through Share of Interest (SOI). 

Blackjack leads with nearly 41% SOI, well ahead of the individual slots listed. However, Blask groups live blackjack under various providers, rather than referring to one specific game, so the figures aren’t directly comparable.  

This also shows why it’s important to look at both the types of games available in casino lobbies and the games attracting the most interest. 

FAQs

Which is the biggest gambling brand in Spain?

By Blask’s measures, bet365 is Spain’s biggest gambling brand, leading brand power (16.53% BAP), customer acquisition (1.05 million APS), and earning potential ($459.83 million CEB).

How big is the Spanish gambling market?

Spain’s total gambling market, including lotteries and land-based gambling, generated €8.08 billion in gross gaming revenue in 2025. The national online market accounted for €1.7 billion, up nearly 17% year-on-year, with online casino taking more than half of online GGR for the first time.

Is online casino legal in Spain?

Yes. Operators can offer online casino games under Law 13/2011, but they need a general licence from the DGOJ plus specific licences for each game type, such as slots, roulette, or blackjack.

Which Spanish iGaming vertical is growing fastest?

By consumer interest, prediction markets are growing fastest, with their Blask Index up 162.80% year-on-year. They were the only category to grow, although they remain the smallest of the nine categories Blask tracks.

What are Spain’s new deposit limits?

Under Royal Decree 520/2026, Spain will introduce deposit limits covering all of a player’s accounts with licensed operators from 25 March 2027. The standard limits will be €700 per day, €1,750 per week, and €3,300 over four weeks, although players can request changes.

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