France on the Verge of Legalizing Online Casinos

#BettingLegislation  #GamingInnovations 

A significant shift in French gambling legislation is on the horizon, with the potential legalization of online casinos as early as 2025. This move, if implemented, would align France with most other European Union member states that have already embraced online gambling.

The Potential Impact

The legalization of online casinos in France could have far-reaching implications for the country's iGaming industry. By embracing this regulatory change, France could unlock a substantial revenue stream through taxation, similar to the 55.6% tax on gross gaming revenue proposed for online casinos.

Proponents of online casino legalization argue that it would offer increased flexibility and convenience for players, potentially stimulating the growth of the iGaming sector. Additionally, it could pave the way for the development of a thriving crypto-gambling ecosystem, similar to what has been observed in countries like Australia.

Opposition from Brick-and-Mortar Casinos

However, the potential legalization of online casinos has met with strong opposition from brick-and-mortar casino operators. They fear that the influx of online competition could lead to significant revenue losses and job cuts. The French casino association has warned of a potential 30% decline in gross revenue and the closure of up to 65 casinos, resulting in the loss of 15,000 jobs.

A Growing Online Gambling Market

Despite the current legal restrictions, the online gambling market in France has already gained significant traction. The European Gaming and Betting Association (EGBA) estimates that the annual gross gaming revenue generated by the unregulated online market could reach €1.5 billion.

In the first half of 2024, the French sports betting market experienced substantial growth, with a 24% increase in the betting handle and a 16% rise in GGR. These figures highlight the growing appetite for online gambling among French consumers.

As France moves closer to legalizing online casinos, the industry is eagerly anticipating the potential benefits and challenges that lie ahead. While the legalization process may face hurdles and opposition, the potential rewards for both the government and consumers are significant.