Belgium’s regulated gambling sector recorded a downturn in 2024, ending a multi-year period of expansion that followed the Covid-19 pandemic. Newly released figures show that total gross gaming revenue (GGR) reached €1.61 billion, representing a 4.86% decline compared to €1.69 billion in 2023.

The contraction marks the first full-year decrease since 2020 and reflects a broad slowdown across both digital and physical gambling channels. While online gambling remained the dominant segment, declines were recorded across most areas of the regulated market.

Revenue Trends Show Pressure Across Key Segments

Online gambling continued to account for the majority of revenue, contributing €919.10 million, or 57.1% of total GGR. Despite holding its leading position, this segment still posted a year-on-year decrease of 2.7%.

Land-based gambling experienced a more pronounced drop. Revenue from physical venues fell by 7.59% to €690.41 million, highlighting ongoing challenges for retail operations. Betting shops and traditional venues were particularly affected, with offline betting revenue declining by 13.58% and betting shop income dropping close to 18%.

The reduction in physical locations also contributed to the decline. The number of licensed betting shops decreased significantly over a two-year period, falling from 535 to 408.

Within specific verticals, casino operations recorded growth, with GGR rising by 7.32% to €638.45 million. Online casino platforms accounted for roughly three-quarters of this segment, with both online and land-based casino revenue increasing.

Other areas saw sharper declines. Arcade licences dropped by 11.95% to €384.75 million, with online activity within this category falling by more than 23%. Low-stakes gaming revenue declined by 21.71% to €222 million, while café-based bingo saw a 24.7% decrease.

Sports betting also contracted, with total GGR falling 6.59% to €364.3 million. The decline was largely driven by offline channels, while online betting showed a smaller reduction of 2.11%. Even major sporting events during the year did not reverse this trend.

Regulatory Measures Linked to Market Shift

The decline in revenue coincides with a series of regulatory changes introduced since 2023. These measures reshaped how licensed operators can offer and promote gambling products.

Authorities implemented a higher minimum gambling age of 21 across all sectors. Restrictions on bonuses and promotional incentives were also introduced, alongside stricter advertising rules. Operators must now separate products by licence type, preventing multiple gambling categories from being hosted on a single platform.

These adjustments have altered the structure of the legal market. Some operators shifted their offerings between licence categories, which affected reported revenue distribution across segments.

Advertising restrictions have been particularly significant. Limits on marketing visibility, including bans on various forms of promotion, have reduced exposure for licensed operators. Investigations into promotional activities involving high-profile individuals have further highlighted the regulator’s focus on enforcement.

While these policies aim to strengthen player protection, industry data suggests they have also reduced overall activity within the regulated system.

Concerns Over Player Movement and Market Direction

The slowdown follows a period of strong growth. According to iGaming Business, between 2020 and 2023, online gambling revenue increased by around 60%, with an 18% rise recorded in 2023 alone. The reversal in 2024 signals a shift in market momentum.

Data indicates that player activity has stabilized, with fewer new registrations and declining foot traffic in physical venues. Both online and offline channels moved downward during the year, suggesting a broader change in behavior rather than isolated declines in specific segments.

At the same time, concerns have emerged regarding the movement of players toward unregulated platforms. Research has pointed to increased use of offshore websites following tighter advertising rules. A reported rise in online players using illegal sites and higher deposit levels on those platforms has raised questions about the effectiveness of current policies.

Unlicensed operators now account for a significant share of traffic on widely visited gambling websites. This shift presents challenges for oversight, as these platforms operate outside national controls and do not apply local safeguards such as age verification or self-exclusion systems.

Younger players appear particularly exposed. A large proportion of male gamblers aged 18 to 21 are reported to use unregulated sites that do not enforce Belgian restrictions. Individuals registered in exclusion systems also continue to access offshore platforms.

Authorities have responded by working with domain registries to block unauthorized websites and redirect users to official warning pages. However, the long-term impact of these measures remains under review.

Additional operational challenges have also emerged for licensed operators. Some financial institutions have limited services to gambling businesses due to compliance and policy considerations, affecting payment processing and broader financial access.

Regulators have acknowledged that the available data for 2024 remains incomplete due to reporting delays and resource constraints within financial oversight teams. Updated figures for 2025 are expected to provide further clarity on whether the current trajectory continues.