Denmark's gambling market has recently undergone a landmark shift, according to the latest annual report "Spilmarkedet i tal 2025" released by the Danish Gambling Authority (Spillemyndigheden), with online casinos surpassing lotteries for the first time to become the country's largest gambling segment. Denmark's total gross gambling revenue (GGR) for 2025 was 11.5 billion Danish kroner (approximately $1.75 billion), a slight decrease of 1% from 2024.
Breaking it down, online casinos contributed 4.31 billion Danish kroner, accounting for 38% of the market, an increase of 12.1% year-on-year, and a growth of 139% since the partial liberalization of the market in 2012. In contrast, monopoly lotteries (including lotto, scratch cards, etc.) generated 3.49 billion Danish kroner, representing 30% of the market, a decrease of 6.2% year-on-year.
The data clearly reflects a shift in consumer preferences, with players increasingly favoring interactive online casino games.
The report also notes that online gambling overall accounts for 73% of the Danish market, significantly higher than the 33% in 2012. Among these, mobile devices contributed 73% of online gambling revenue, and within online casinos, slots accounted for 82%, far ahead of other games.
🔴In fact, in the Nordic region, online casinos have long dominated. Sweden, Finland, and Denmark all have online casino shares exceeding 68%, far above the European average. In these highly liberalized countries, online casinos or comprehensive iGaming products often surpass traditional lotteries. Particularly, the UK, as a stronghold of European online gambling, has long maintained a high online penetration rate.
The Netherlands, Estonia, Latvia, and other countries are similar, with data from the European Gaming and Betting Association (EGBA) showing that casino games significantly dominate European online gambling, especially in the Nordic and Baltic countries, where casino products often account for more than 60% of online revenue.
These countries share the commonality of being mature market nations with early regulatory frameworks established and well-developed internet infrastructure.
💝Emerging opportunities in countries yet to surpass
Although Europe's mature markets have completed the transition, there are still many countries globally where online casinos have not yet surpassed lotteries. These countries often still have lotteries dominating, especially in Asia, Latin America, and some European inland countries.
In major European countries like Germany, Italy, and Spain, physical casinos and national lotteries still hold a significant share. Online penetration rates are relatively low: Germany at about 22.6%, Italy 21.7%, and Spain only 14.2%. Lotteries have deep cultural roots and government monopoly support in these countries, and although online casinos are growing, they have not yet taken the lead.
🔴In emerging markets, the gap is even more pronounced. For example, Brazil, as a potential market in Latin America, has seen accelerated regulatory reforms between 2023 and 2025, with rapid growth in online sports betting and casinos, but lotteries still dominate the market. India's overall gambling regulation is fragmented, with lotteries still mainstream in many states. Other regions in Asia like Thailand and the Philippines have high mobile gambling penetration, but traditional lotteries or physical casinos still have a leading advantage. The mainland China market, due to strict regulations, has an active underground market, but legal channels are primarily dominated by lotteries.
These countries where online casinos have not yet surpassed lotteries are mostly emerging markets or developing economies, with significant growth potential.
🔴Therefore, opportunities are hidden therein, as online casinos can provide a richer entertainment experience than lotteries, with higher stickiness. Globally, the online gambling market is growing at a double-digit CAGR, and by 2030, online channels may account for more than half of the global gambling GGR, with online casinos/iGaming growing faster than sports betting, while lotteries are also advancing online but maintaining a relatively stable share overall.
As consumers seek instant satisfaction and diversity, investing in localized online casinos in emerging markets is an inevitable trend for operators, also driven by technological advancements and consumer habits. Those countries where lotteries still dominate but are at the onset of the digital wave are precisely the new blue oceans with the greatest potential.
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