Spain’s regulated online gambling market generated €405.36 million in gross gaming revenue (GGR) during the third quarter of 2025, marking a 16.49% increase year-on-year, according to the latest quarterly report published by the Dirección General de Ordenación del Juego (DGOJ). The results confirm a market in sustained expansion, with online casino now accounting for nearly 57% of total GGR as player deposits surpassed €1.34 billion for the quarter.
Market Overview: Growth Sustained Despite Seasonal Softening
The DGOJ’s Q3 2025 report covers the July–September period and presents a market that continues to expand on an annual basis, even as some metrics pulled back from Q2 highs. The headline figure — €405.36 million in GGR — represents a slight sequential decline of 1.35% from Q2 2025, consistent with typical summer seasonality patterns observed in prior years.
On an annual basis, the trajectory is clear: the market has grown by double digits for the third consecutive quarter in 2025. Total deposits reached €1.35 billion, up 18.19% year-on-year, while player withdrawals climbed to €936.9 million, a 16.82% annual increase. The gap between deposits and withdrawals — over €412 million retained in player accounts — points to sustained engagement levels across active user bases.
| Metric | Q3 2025 Value | QoQ Change | YoY Change |
|---|---|---|---|
| GGR | €405.36M | -1.35% | +16.49% |
| Deposits | €1,349.34M | -0.03% | +18.19% |
| Withdrawals | €936.92M | -2.70% | +16.82% |
| Marketing Spend | €154.84M | -6.00% | +17.89% |
| Active Accounts (monthly avg) | 1,657,963 | -2.73% | +14.32% |
| New Accounts (monthly avg) | 153,286 | -8.92% | +0.07% |
Semrush Monthly Traffic
To complement the DGOJ’s official GGR and market data, we also analysed web traffic figures from Semrush across the top 10 licensed operators active in Spain during the same period. Monthly visits provide a useful demand-side indicator — showing not just where revenue is being generated, but which platforms are winning the battle for player attention and acquisition at the top of the funnel.
| Domain | Visits | YoY | Desktop Share | Desktop Visits | Mobile Share | Mobile Visits | MoM | YoY |
| loteriasyapuestas.es | 20,320,000 | 4.34% | 16.51% | 3,350,000 | 83.49% | 16,960,000 | ↓12.91% | 4.34% |
| juegosonce.es | 10,090,000 | -13.58% | 8.61% | 869,460 | 91.39% | 9,230,000 | ↑19.7% | -13.58% |
| bet365.es | 4,370,000 | 2.32% | 32.89% | 1,440,000 | 67.11% | 2,940,000 | ↓15.03% | 2.32% |
| sportium.es | 3,780,000 | 39.70% | 23.09% | 872,240 | 76.91% | 2,910,000 | ↑29.56% | 39.70% |
| eduardolosilla.es | 2,040,000 | 17.33% | 20.28% | 414,120 | 79.72% | 1,630,000 | ↓3.52% | 17.33% |
| bwin.es | 1,780,000 | 33.31% | 25.16% | 447,520 | 74.84% | 1,330,000 | ↓23.37% | 33.31% |
| winamax.es | 1,700,000 | 28.73% | 41.03% | 696,130 | 58.97% | 1,000,000 | ↑36.88% | 28.73% |
| codere.es | 1,590,000 | 15.81% | 17.69% | 280,850 | 82.31% | 1,310,000 | ↓3.75% | 15.81% |
| williamhill.es | 1,450,000 | 3.19% | 16.27% | 235,970 | 83.73% | 1,210,000 | ↓15.55% | 3.19% |
| betfair.es | 1,400,000 | -4.48% | 36.84% | 515,650 | 63.16% | 883,990 | ↑7.24% | -4.48% |
The traffic data reveals a market where the gap between the largest and smallest operators is substantial. Loterías y Apuestas del Estado leads all platforms with over 20.3 million monthly visits, followed by JuegosOnce at 10.09 million — both state-owned entities that benefit from decades of brand recognition. Among commercial operators, Bet365 holds the strongest private-sector position at 4.37 million visits, while Sportium and Bwin posted the most significant year-on-year growth at +39.70% and +33.31% respectively. Mobile traffic dominates across nearly every platform, accounting for between 63% and 91% of total visits depending on the operator — a pattern that aligns with the DGOJ’s own findings on the continued shift toward mobile-first player behaviour.
Casino Consolidates Its Lead
The online casino segment generated €230.98 million in Q3 2025, representing 56.98% of total GGR. This is a significant shift from just three years ago: in Q3 2022, casino accounted for 51.98% of the market. The segment has steadily absorbed share from sports betting as operators and players alike gravitate toward its higher-margin, higher-frequency product mix.
Year-on-year, casino GGR grew 22.93% — outpacing every other segment and the overall market. Sequentially, it added 6.67% from Q2 2025.
Within casino, slots (máquinas de azar) are the primary growth engine, posting a 27.78% annual increase and an 8.54% quarterly gain. Live roulette also advanced, up 4.20% quarter-on-quarter, reflecting the ongoing shift toward dealer-led formats that replicate land-based casino atmospheres. Conventional roulette and blackjack moved in the opposite direction, declining 8.00% and 3.22% respectively from Q2 levels.
| Casino Game | QoQ Change | YoY Change |
|---|---|---|
| Slots (Máquinas de Azar) | +8.54% | +27.78% |
| Live Roulette | +4.20% | — |
| Conventional Roulette | -8.00% | — |
| Blackjack | -3.22% | — |
The data points to a structural divergence within casino product preferences. Players are migrating toward two distinct experiences: fast-cycle slot mechanics with progressive jackpot potential, and live dealer tables offering social engagement and real-time interaction. Automated table games are losing ground to both.
Sports Betting: In-Play Surges While Pre-Match Collapses
Sports betting generated €149.50 million in Q3 2025, representing 36.88% of total GGR — down from 39.06% in Q3 2024. On a year-on-year basis, the segment grew 10.00%, but sequentially it contracted 13.02%, reflecting both the seasonal slowdown typical of summer months and a more permanent behavioural shift in how bettors engage with the product.
The most striking development within betting is the inverse relationship between live and pre-match volumes. In-play wagering (apuestas deportivas de contrapartida en directo) surged 32.82% quarter-on-quarter, while conventional fixed-odds pre-match bets (apuestas deportivas de contrapartida convencionales) collapsed by 42.98% in the same period.
| Betting Type | QoQ Change | YoY Change |
|---|---|---|
| In-Play (Live) | +32.82% | — |
| Pre-Match (Conventional) | -42.98% | — |
| Other Counter Bets | +23.85% | — |
| Horse Racing | -9.07% | — |
This shift is not a quarterly anomaly. The DGOJ has observed the same directional trend across multiple consecutive reports. Real-time betting, enabled by integrated streaming and second-by-second market updates, now defines how Spanish bettors interact with sportsbook products. Operators have responded by allocating more product development resources to in-play infrastructure, and the Q3 data suggests those investments are producing measurable results in terms of player engagement.
GGR Distribution: A Three-Year Perspective
Examining the DGOJ’s own segment distribution data across comparable Q3 periods provides useful context for the structural changes underway.
| Segment | Q3 2022 | Q3 2023 | Q3 2024 | Q3 2025 |
|---|---|---|---|---|
| Casino | 51.98% | 52.67% | 53.99% | 56.98% |
| Sports Betting | 37.59% | 37.30% | 39.06% | 36.88% |
| Poker | 8.93% | 8.81% | 5.90% | 5.36% |
| Bingo | 1.49% | 1.20% | 1.05% | 0.78% |
Casino’s share has grown by five percentage points over three years. Bingo has been nearly halved. Poker has stabilised after a sharper contraction between 2023 and 2024.
Poker: Tournament Format Drives Recovery
After a difficult 2024, poker returned to positive territory across all metrics in Q3 2025. Total poker GGR reached €21.71 million, up 13.59% from Q2 and 5.80% year-on-year.
Tournament poker outpaced cash games, with a 15.98% quarterly increase versus 8.82% for cash tables. On an annual basis, cash games showed stronger growth at 12.91% compared to 2.76% for tournaments. The segment’s recovery reflects renewed operator interest in structured competition formats that attract recreational players seeking defined buy-ins and capped downside exposure.
| Poker Format | QoQ Change | YoY Change |
|---|---|---|
| Cash Games | +8.82% | +12.91% |
| Tournaments | +15.98% | +2.76% |
Bingo: Continued Structural Decline
Bingo generated just €3.18 million in Q3 2025 — 0.78% of total GGR — declining 5.92% from Q2 and 13.48% year-on-year. The product’s share of market has contracted from 1.49% in Q3 2022 to under 1% today. With only four active bingo licensees operating in Spain, the segment faces a genuine viability question as neither product innovation nor new player acquisition has reversed the decline.
Marketing: €154 Million Deployed, Promotions Lead the Spend
Operators invested €154.84 million in marketing during Q3 2025, down 6.00% from Q2 but up 17.89% year-on-year — growing roughly in line with overall GGR, which indicates marketing efficiency has held steady.
The largest component was promotions at €82.03 million, followed by advertising at €54.65 million, affiliates at €15.86 million, and sponsorship at €2.30 million. Within the promotions category, €53.46 million was classified as bonuses not included in prizes (primarily cashback, free spins, and reload bonuses), while €28.57 million comprised bonuses released as actual prize components.
| Marketing Category | Q3 2025 Spend | QoQ Change | YoY Change |
|---|---|---|---|
| Promotions | €82.03M | -1.01% | +23.47% |
| Advertising | €54.65M | -13.14% | +8.42% |
| Affiliates | €15.86M | +13.40% | +19.77% |
| Sponsorship | €2.30M | -53.61% | +82.88% |
The 82.88% annual growth in sponsorship — despite a sharp quarterly decline likely reflecting front-loaded football season investment in Q2 — reflects an industry-wide strategy of building brand presence through sports partnerships. Football shirt sponsorships, stadium signage, and naming rights remain the primary vehicles for reaching the mass-market bettor demographic.
Operator Landscape: 64 Active Licensees Across Five Segments
At the close of Q3 2025, 77 companies held DGOJ licences, of which 64 operated at least one active singular licence during the quarter. The breakdown by segment reflects the relative commercial attractiveness of each vertical:
| Segment | Active Operators |
|---|---|
| Casino | 52 |
| Sports Betting | 44 |
| Poker | 9 |
| Bingo | 4 |
| Contests | 2 |
The concentration of operators in casino and sports betting mirrors the GGR distribution. With 1,657,963 average monthly active accounts — up 14.32% year-on-year — the addressable player base continues to grow, though the rate of new account creation has stabilised. Monthly new account registrations averaged 153,286, essentially flat year-on-year (+0.07%), suggesting the market is now competing primarily for share of wallet among an established user base rather than relying on new player acquisition for volume growth.
Outlook
Three quarters into 2025, Spain’s regulated online gambling market has established a consistent structural narrative: casino gains share, live betting replaces pre-match, slots outperform all other products, and bingo continues its slow exit from relevance. With annual GGR running approximately 16% ahead of 2024 across the first three quarters, the market appears on course to exceed €1.6 billion in full-year GGR — comfortably surpassing 2024’s estimated total.
The Q4 report, which will capture the September–December period including the peak football calendar and year-end promotional activity, will confirm whether operator marketing investments in sponsorship and affiliate channels translated into sustainable player retention or short-cycle acquisition spikes.
Source: Dirección General de Ordenación del Juego (DGOJ)
