The iGaming industry strengthens Spain’s economy amid COVID-19 job crisis

Revenue growths announced by companies within the iGaming sector have given rise to an increasing number of jobs in Spain

iGaming companies within the European Union are expected to generate €29.3bn in revenues by 2022, up from €22.2bn in 2018. Ibiza and Cadiz in Spain are home to thousands of employees within the iGaming sector and unprecedented revenue growths announced by companies within this industry have given rise to an increasing number of jobs in cities that have been hit the hardest by COVID-19. Cadiz neighbors Gibraltar, which is second to Malta when it comes to being an iGaming capital in Europe.

There are many iGaming companies that have set up and continue to operate on the Island of Gibraltar like 888, Playtech and Bwin. Spanish employees working in Gibraltar travel there from mainland Spain on a daily basis. Furthermore, there are also many British workers who live in Cadiz in order to work in Gibraltar. 

George Owen from the casino comparison website Megaways Casino says “The economies of Cadiz and Ibiza have both been enhanced through iGaming as have other places.” and adds “Gibraltar and Ibiza continue to be two of the biggest iGaming hubs in the world”. 

Although Spain has been classified as one of the countries that has been hit the hardest by the coronavirus in Europe, its economy has  been enhanced through iGaming.

Because of an increased number of government enforced regulations that have been implemented on casino gaming, sports betting has become the most profitable within this sector and is with over 42% also the most popular form, followed by online casino games. 

This weekend Spain has been classified as one of the countries that has been hit the hardest by the coronavirus in Europe with over 166,000 infected making it second to the USA when comparing it worldwide. UniCredit research published last week suggests that Spain is set to suffer more from the crisis than any other European economy, estimating a 15.5% decline in gross domestic product this year and a fiscal deficit of 12.5% of GDP. Other economists argue that a 10% drop in output and a deficit of 10% of GDP are likely. Currently nobody knows the exact numbers but the iGaming industry is undoubtly bringing revenues to the country in these difficult times. 

About SiGMA Expo:

In order to bring key players of global iGaming and emerging tech sectors together, SiGMA Group will host an online conference in partnership with ICE Asia, taking place on June 8-10th, 2020. Register for free here. SiGMA Manila will be now held on the 27th and 28th of May 2021. To become a part of the fastest paced Asian iGaming event, book a pass or sponsor & exhibit here. SiGMA Group will also bring together operators, suppliers, and affiliates, facilitating new business opportunities for both existing and emerging markets at their signature show happening in Malta on November 17-19th, 2020. Book a pass or sponsor and exhibit for SiGMA Malta now.

For those planning to attend the summits this is the buzzing business environment to be expected:

 

Related Posts

New Parimatch agreement now live!

Gamzix signed strategic partnership with Parimatch This agreement will provide Gamzix with full support in networking offering the competitive ...