Spain’s gambling market has spent the past five years under a sweeping overhaul of compliance and governance. As the Directorate General for the Regulation of Gambling (DGOJ) insists its core projects are on track, the market remains an attractive one for operators.
On this episode of iGaming Daily, host Charlie Horner is joined by SBC Media Editor-at-Large Ted Menmuir, fresh from the Gaming in Spain conference in Madrid, to unpack the country’s regulatory tensions, political uncertainty and commercial potential.
A political wildcard
The conference took place after Prime Minister Pedro Sánchez called a snap general election for 29 November, 2026.
Menmuir expected little short-term impact, as the DGOJ confirmed it will begin implementing its central deposit system by 25 March, 2027. The longer-term picture is less clear.
Gambling oversight has sat with the Ministry of Consumer Affairs, which has taken a more hardline approach. Menmuir said the key question is: “What direction would a conservative government or conservative-leaning government take on Spanish gambling?”
Defending the record
DGOJ Director General Mikel Arana opened the conference on the defensive, standing by the regulator’s record after criticism of its two headline projects: the central deposit limit system and the problem gambling detection algorithm.
From 25 March, 2027, licences must be plugged into a system that will apply a €700 (£587.86) daily deposit limit across all operators, alongside weekly and four-week caps of €1,750 (£1469.7) and €3,300 (£2771.43).
Operators have questioned why the cap is needed, pointing to Germany and the Netherlands, where they say limits have pushed VIPs towards illegal operators.
Arana rejected the comparison, arguing Spain’s limits are more flexible and aimed at vulnerable consumers rather than high-value players.
The detection algorithm, which uses 48 parameters to flag problematic behaviour, drew criticism for its five-day consultation period and the lack of a tender.
Horner raised a further concern from industry: who takes the blame if a regulator-mandated algorithm fails and a player is harmed?
Growth despite the noise
Despite the turmoil, the numbers are strong.
Spain’s online market grew 16.8% in 2025 to €1.7bn (£1.2bn) and passed two million active adults, though it still accounts for just 21% of the country’s gambling pool, with lotteries by far the biggest vertical at €8bn (£6.72bn).
According to H2 Gambling Capital data shared at the conference, bet365 is believed to lead with around 20% of online share, followed by Cirsa and Codere on 7-8% each. Below them sits a long tail of challengers such as Betway and Winamax, each on 2-3% and unable to grow share for three years.
To Menmuir, that signals a disrupted market where “if you make the right moves and you localise well”, quick share gains are possible.
Watch the full episode.
