Profitable Sports Betting and Casino Gambling in Denmark
Spillemyndigheden, the gaming regulator in Denmark, reported very bright news for licensed sports betting and casino operators recently. Denmark’s total casino revenues increased by an astonishing 30% during the first fiscal quarter of the year over revenues collected during the same time period last year. The increase enjoyed in sports betting proved even higher, with a 33% rise.
A Profitable Gaming Industry
Spillemyndigheden unveiled the results of its data collection on Wednesday, June 9, 2016. The report revealed thatboth online and brick-and-mortar gaming activities fared well in Denmark during 2015 and early 2016. Revenues increased for betting sites of every type.
The gambling regulator in the report projected ongoing growth for Denmark’s casinos and sports betting establishments. It foresaw a total 8% increase in revenues during 2016.
A Strong Danish Gambling Industry
At the present time, Denmark maintains some 25,500 slots machines scattered across restaurants, gaming halls and some seven casinos. In addition, the Danish government regulates and licenses online casino websites and sports betting activities.
The recently released statistics herald the fifth consecutive quarter of increases in revenues for Denmark’s gaming establishments. The total online Danish casino market reportedly generates revenues estimated at $146 million annually.
An Attractive Market
The lucrative nature of the Danish gambling market has attracted the interest of many companies. For instance, in December, 2015, the firm PokerStars owned by Amaya applied for a short-term sports betting license to conduct business in Denmark.
In addition to providing opportunities to bet on poker games, during 2016 the company plans to launch live sports betting there, too. Company spokespeople indicated that the firm will likely apply for a permanent 5-year license when the opportunity arises.
Increases Since 2012
The growth in Denmark’s gambling sector increased significantly during 2015, to 7.7%. Previously, between 2012 to 2014 the country’s gaming industry enjoyed slower growth, with an annual increase of some 3.3%.
Prior to 2012, Denmark had restricted online gambling opportunities. The nation loosened its requirements for Internet based casinos in 2012 to permit international firms to apply for gaming licenses. Danes have witnessed a more profitable gambling and sports betting industry since opening the nation’s gambling and sports betting market to additional license holders from overseas.
Applying Gambling Revenues
Denmark’s state-owned lottery funnels revenues into a variety of charitable causes. Income from other gaming and sports betting activities helps fund government operations.
The reports of increased revenues from the casino and sports betting industries should mean good news for Danish taxpayers and government agencies. An expanding gambling and betting industry should furnish more proceeds for tax-funded services. Although the Danish economy has gradually improved during recent years, it still has not enjoyed a rapid economic recovery from recession.
Casino Industry Revenues Assisting the Danish Economy
In the wake of the recent Brexit vote in the United Kingdom, some economists predicted that Britain’s decision to depart from the European Union might hold negative ramifications for the recovering Danish economy. Many Danish newspapers expressed fear that the referendum might result in a reduction in Danish exports to the UK, for instance, causing a resulting drop in trade revenue for Denmark. The British pound fell sharply following news reports about the Brexit decision, raising concerns on the part of many Danes that their products would not longer sell competitively in the UK marketplace.
Perhaps Denmark’s steadily increasing casino and sport betting industry revenues will help cushion Danish taxpayers against those negative forecasts? The news released earlier this month by Spillemyndigheden certainly gives many Danes reason for optimism. The profits flowing to the Danish government from online betting activities seem likely to continue to provide reliable income in the near future. With a projected economic recovery of only 1% annually, Denmark’s GDP as a whole has grown less impressively than the nation’s casino and gaming sector. Despite an overall slow recovery from economic recession, Danes may still witness a helpful source of tax revenues as a result of the lucrative gaming and sports betting marketplace. Spillemyndigheden’s recent report should please Danish taxpayers!