Online poker revenue in Spain fell rather dramatically in Q2 2021, down 47% to €20.3 million. It laps the explosive quarter of revenue last year during the first coronavirus pandemic lockdowns in the country, so the drop was not unexpected.
Compared to Q2 2019, revenue is up 5.1%, equivalent of a CAGR of 2.5%, suggesting there could be underlying growth in the industry—but what remains is modest. Much of the gains over the last 18 months has waned.
For the second quarter running more wagers were placed in tournament entries than in cash game pots. Interestingly, cash games did regain some of its share of the market, with revenue representing 30%, its highest in a year.
However, this seems more a seasonal effect than a shift in play style from customers—there is often a slight uptick in cash compared to tournaments in the quieter summer months when few big MTT festivals run.
The popularity of casino games was not impacted like that of online poker. Indeed, the market hit an all-time high in Q2 2021 of €99.8 million in revenue. Growth has slowed—only 6.7% year-over-year, a far cry from the prior five quarters—but given that it is lapping the pandemic, the market is surprisingly robust.
Sports betting continues to rebound strongly, up 35.5% to €95.3 million in revenue.