Spain’s regulated online gambling sector pulled in €454.1 million in gross gaming revenue during the first quarter of 2026. That’s a solid 13.9% year-on-year increase, and it underscores just how much this market keeps expanding. But look beyond that headline number, because something more significant has shifted: casino gaming has decisively overtaken sports betting as the primary revenue driver. This transformation reflects evolving player preferences and intensifying operator competition.

Casino Gaming Takes the Lead

Casino products generated €247.7 million in Q1 2026, representing 54.5% of total market revenue and delivering exceptional 21.7% growth compared to the same quarter last year. This acceleration places casino gaming squarely at the centre of Spain’s iGaming strategy. Slots and live roulette are the real workhorses here, both posting gains exceeding 22% annually.

Broader market dynamics tell the story. Of Spain’s 77 licensed operators, 64 now hold at least one active casino licence, the largest share across all gambling categories. Operators have systematically expanded live gaming offerings whilst maintaining robust slot product portfolios. The result? They’re capturing a wider demographic and generating higher engagement levels through immersive gaming experiences.

Sports Betting Shows Signs of Stagnation

Sports betting generated €174.4 million, accounting for 38.4% of total revenue but posting comparatively modest growth of just 5.1% annually. The real story, however, lies beneath that figure. Live betting surged 34.4% year-on-year, whilst pre-match wagering contracted by 18.2%. That’s a fundamental reorientation of player behaviour toward in-play activity.

This shift carries strategic implications. In-play betting typically generates more frequent customer touchpoints and higher betting volumes per session, making it increasingly valuable for operators seeking sustainable revenue streams and improved player lifetime value metrics.

Marketing Investment Returns Following Supreme Court Ruling

Operators invested €184.7 million in marketing during the quarter, up 12% from a year earlier, as promotional flexibility expanded. Promotional offers and bonuses accounted for €91 million, with advertising spending reaching €73.85 million. That’s a significant reversal from the restrictive environment imposed under Royal Decree 958/2020, which had substantially constrained customer acquisition strategies.

The Supreme Court’s subsequent annulment of several advertising restrictions has permitted operators to pursue more aggressive customer acquisition campaigns. This matters most in the increasingly competitive casino segment, where differentiation through promotional offers has become essential.

Deposits and Market Momentum

Player deposits reached €1.59 billion during the quarter, rising 17.6% annually. Withdrawals climbed correspondingly. The combination of growing player funds, expanding casino revenue and reinvigorated marketing budgets suggests the Spanish market remains firmly in growth mode, even as competitive pressures intensify.

For operators and stakeholders, the picture is becoming clearer by the quarter: Spain’s online gambling landscape is entering a distinctly new phase. One increasingly defined by casino gaming, live products and vigorous customer competition rather than traditional pre-match sports betting dynamics.