Sports betting: billions in turnover in tranquil Slovakia

Last year, the Slovakians turned over a double-digit billion amount in sports betting. Although only around 5.5 million people live in the Slovak Republic, around 21.4 billion euros were invested in sports betting in 2023. Statistically speaking, this means that every Slovakian placed bets totalling just under 4,000 euros.

Back in January 2021, we at GambleJoe reported on the city-wide gambling ban in the Slovakian capital of Bratislava. However, online betting providers in particular were still able to enjoy high turnover recently. In total, people in Slovakia wagered 21.4 billion euros on sports betting last year. The online sector accounted for around 90% of this turnover. As only around 5.5 million people live in Slovakia, each inhabitant (aged 0 and over) statistically invested over 300 euros per month in sports betting alone.

Sports betting providers generate impressive profits in Slovakia

Of the 21.4 billion euros in stakes, around 20.4 billion euros flowed back to players in the form of betting winnings in 2023. In addition, the tax authorities in Slovakia retained around 301 million euros in the form of taxes and other levies. As a result, betting providers were left with a profit of almost exactly 700 million euros for the 2023 financial year.

Compared to the previous year, the industry's tax revenue alone increased by more than 50 million euros. With taxes on online sports betting alone, the Slovakian authorities generated around 93 million euros in taxes and duties in 2023.

In Germany, the German Sports Betting Association (DSWV) is currently calling for a change in regulatory policy. According to the DSWV, the falling tax revenues in Germany point to the increased use of the black market. There are also fears in Slovakia that gambling turnover and therefore tax revenues could fall again in the near future. The reason for this is the omnipresent illegal offer here too.

European Football Championship 2024: revenue from betting is likely to increase further

However, this year's European Football Championship, which will take place in Germany from 14 June to 14 July 2024, is likely to contribute to an initial increase in betting turnover, and not just in Slovakia. Slovakia will play in Group E and must prevail against Belgium, Romania and Ukraine.

As hosts, Germany are in Group A. Here, the team led by national coach Julian Nagelsmann must first prevail against Scotland, Hungary and Switzerland. The opening match will take place on 14 June at 21:00 in Munich against Scotland.

Image source: https://pixabay.com/de/photos/slowakei-flagge-versprechen-über-1413262/