LeoVegas just received approval to offer online gaming and sports gambling in Spain and now Gaming Innovation Group (GiG) is joining the mix, as well. In an announcement on its website, the company states that Spain’s Directorate General for the Regulation of Gambling in Spain (DGOJ, for its Spanish acronym) has approved two licenses – one for each activity – and that the company will market its gambling products through its flagship Rizk brand. The first bets are expected to be received through the platform sometime in the fourth quarter.
Not only will GiG offer its own Rizk platform, but it plans on offering its proprietary technology to external licensed operators in the country. GiG hopes that the approval will give it extended access to markets in Latin America, which it states is “key priority” to its expansion goals. The company already holds licenses in Malta, the UK, Sweden, Latvia, Schleswig-Holstein in Germany and, now, Spain.
GiG CEO Robin Reed adds, “We are delighted to be awarded the Spanish licences and are looking forward to serving the market with our top performing operator Rizk and our full suite of B2C and B2B products and solutions. The approximately €1bn [almost US$1.2 billion] market is the strongest growing market in Europe, at a rate of approximately 20%* per year, yet only 12% of the gambling is happening online, compared to more than 50% in mature digital markets in Europe, this represents a great opportunity for GiG.”
Rizk will eventually become a completely casino-focused platform, while GiG’s Guts brand will become its sports gambling brand. The company’s in-house sportsbook first saw action in June of last year on Rizk before Guts came along to separate online casino gambling and online sports gambling.
Spain is in a great position to be a leader in Europe’s gaming market. It is currently the fastest-growing market in Europe with an annual growth rate of 20%; however, online gaming only controls about 12% of the market. Other countries see a more even split between online and brick-and-mortar gambling, but Spain’s online segment is gaining more traction and could eventually take over.