In its latest industry report, BtoBet has analysed how a new treaty that normalises online poker and slots will impact the industry.
The new Interstate Treaty on Gambling will come into force across Germany in the early summer and will provide significant legal changes for online sports betting and casinos.
With the treaty, BtoBet says that Germany can become a major force in the European igaming industry, as well as address any grey market issues.
The report projects that revenues for Germany online casinos will grow from €2.2bn (£1.87bn) registered in 2019 to €3.3bn in 2024.
The report also forecasts that the market is expected to grow to €18.2bn in 2024, taking into consideration the development of the pandemic.
BtoBet informed its projections by analysing available data and looking at trends from previous years.
Germany has a population of 83 million, which is the largest in the European Union and 20% of Germans reportedly participate in gambling.
The country has a mobile connectivity of 134.7%, a 1.6% increase from January 2020, while its internet users also grew by 1.3% to 78.81 million.
With such a large demographic, Germany has naturally seen consistent growth in betting. Data published by the Germany Betting Association (DSWV) shows how popular sports betting is becoming. The country has seen consistent growth in this sector since 2014 where the total turnover in the sports betting market was €4.52bn. Then in 2019 the turnover peaked at €9.28bn, which dropped slightly to €7.79bn in 2020 as a result of the pandemic.