Europe’s iGaming landscape in 2026 is increasingly defined by a strategic split between market size and market acceleration.
On one side sit the continent’s largest regulated economies — mature markets that continue to generate the majority of operator revenue. On the other, a growing group of emerging jurisdictions is demonstrating strong Year-over-Year (YoY) momentum, pointing toward improved acquisition efficiency and rising commercial viability.
Using Blask market intelligence data across European countries, we’ve combined insights from both dimensions to identify where operators are currently seeing the best balance between earning potential and growth trajectory.
Europe’s Largest iGaming Markets by Earning Potential
| # | Country | YoY Growth | APS | CEB (US$) |
|---|---|---|---|---|
| 1. | Italy | +13.12% | 13.65M | $6.03B |
| 2. | Germany | +59.27% | 8.37M | $3.07B |
| 3. | France | +0.28% | 2.87M | $2.44B |
| 4. | Netherlands | +14.33% | 3.12M | $2.28B |
| 5. | Sweden | +10.98% | 3.58M | $1.90B |
| 6. | Spain | +7.75% | 4.52M | $1.63B |
| 7. | Ireland | +19.44% | 2.02M | $1.60B |
| 8. | Czech Republic | +7.79% | 1.91M | $1.52B |
| 9. | Belgium | +15.05% | 1.81M | $1.33B |
| 10. | Austria | +12.23% | 2.27M | $1.25B |
Despite regulatory tightening across several Western markets, these countries continue to represent Europe’s highest modeled earning potential, driven by mature acquisition ecosystems and high operator density.
Italy remains the standout in terms of projected revenue, combining a 13.65M APS with a $6.03B Competitive Earning Baseline (CEB) — making it the most commercially scalable regulated iGaming market in Europe at present.
Germany, meanwhile, offers a rare combination of both scale and acceleration, with +59.27% YoY growth alongside a projected $3.07B CEB, suggesting that even Europe’s largest regulated markets may still be mid-cycle in their growth curve.
Europe’s Fastest Growing iGaming Markets (YoY)
| Country | YoY Growth | APS | CEB (US$) |
|---|---|---|---|
| Germany | +59.27% | 8.37M | $3.07B |
| Serbia | +42.51% | 3.82M | $502.40M |
| Montenegro | +36.11% | 1.06M | $219.20M |
| Poland | +34.55% | 5.87M | $865.47M |
| Moldova | +29.98% | 238.55K | $214.04M |
| Slovenia | +22.73% | 672.32K | $137.84M |
| Switzerland | +20.36% | 1.18M | $527.87M |
| Romania | +20.45% | 6.12M | $1.16B |
| Bulgaria | +18.44% | 7.92M | $907.65M |
| Netherlands | +14.33% | 3.12M | $2.28B |
While some of these markets remain relatively small in total earning potential, their YoY trajectory indicates:
- Improved marketing efficiency
- Increased operator competition
- Expanding player acquisition channels
In particular, the Balkans and Eastern Europe are showing disproportionately high growth relative to market size – suggesting strong potential for operators seeking lower CPA environments compared to saturated Western jurisdictions.
Scale vs Growth: Where Should Operators Look Next?
For operators planning European expansion in 2026, the decision is increasingly framed as a trade-off between:
| Strategy Type | Market Examples |
|---|---|
| Scale-first | Italy, France, Spain |
| Growth-first | Serbia, Montenegro, Moldova |
| Scale + Growth | Germany, Poland, Romania |
| Stable Mature Markets | Sweden, Netherlands |
Germany, Poland, and Romania stand out as markets that combine significant earnings potential with strong YoY growth — offering a compelling middle ground between volume and efficiency.
Acquisition Power Score (APS)
Represents an estimated acquisition volume for a brand based on its Blask Index value, using market-level benchmark conversion assumptions.
APS reflects modeled minimum, maximum, and most likely acquisition volumes that could be expected if a brand performed in line with average market efficiency.
Competitive Earning Baseline (CEB), US$
Represents an estimated revenue range for a brand based on its projected APS, using market-level benchmark assumptions for retention and ARPU.
CEB reflects modeled revenue outcomes — not direct observations of actual brand performance.
