Legal gambling in Spain dates back over 30 years but it wasn’t until the Spanish Gambling Act took effect in 2012 that the industry became regulated at a national level. Prior to this, all forms of betting were left in the hands of Spain’s 17 autonomous regions. Today, the General Directorate for the Regulation of Gambling Activities oversees licensing and regulatory compliance of online gambling while land-based operations such as casinos remain under the control of regional authorities.
Gambling is very popular in Spain. It is estimated that Spanish residents spend twice as much on betting as do the residents of the United Kingdom. Online gambling in Spain has faced a lot of backlash from land-based establishments that have seen a significant drop in revenues due to internet betting’s growth.
Top 10 Gambling Sites for Spain
What are the Best Spanish Gambling Sites and Promotions?
When it comes to choosing an online gambling site, Spanish residents have a pretty good selection. They are able to take their pick of some of the biggest names in the industry. At the click of a mouse, Spanish bettors can enjoy poker, their favorite casino games, and sports wagering at industry giants such as William Hill, Marathonbet and Interwetten who all have services to Spanish clients. These books are among the biggest in the world and customers can be assured that they will get plenty of promotional offers.
There are plenty of online gambling companies that cater to residents of Spain and you can find them listed at Gamblingjudge.com. These sportsbooks offer welcome bonuses that range from €25 up to well over €1,000. They come mainly in the form of free bets or loyalty bonuses but some have package deals with all sorts of bonuses like free slot spins, poker tournament tickets, and free bingo games.
How Regulated is the Spain Gambling Market?
Prior to 2012, gambling activity in Spain was loosely overseen on a regional basis. The internet gaming revolution prompted the Spanish Government to Implement a national strategy and they passed the Spanish Gambling Act which put internet betting under federal jurisdiction. This has led to a tightly regulated market that sees strict licensing requirements and regulations that are seriously enforced by the General Directorate for the Regulation of Gambling Activities. The Directorate issues licenses and they have the power to revoke licenses if companies are found out of compliance.
Is Gambling Legal in Spain? What is the Legal Age?
Spain legalized “skill-based” wagering in 1977. Four years later they legalized casino games. Before this time, betting was limited to lotteries. Today, there are over 60 land-based gaming operations throughout Spain and several more online betting agencies that are based within its borders. Residents are legally able to bet on virtually anything provided they are at least 18-years-old. Exceptions are online bingo and live in-play wagering. Land-based betting venues and internet gambling sites must take every reasonable measure to verify a player’s identity and age. Failure to do so can result in steep fines and license forfeiture.
Does Spain Tax Gambling Winnings?
There are indeed taxed on gambling winnings in Spain. Spanish tax laws provide for a 20% tax on lottery winnings that exceed €2,500. Punters must declare all other winnings as income. There is a bit of relief with the government recently allowing bettors to write off their losses. Of course, casinos and gambling businesses are taxed. While operators and gamblers alike are not thrilled with the tax laws, wagering revenues continue to grow at a rapid pace.
How Do Players Declare Taxes on Winnings?
Players declare their lottery and other gambling winnings as taxable income on their income tax. Recently, the Spanish gambling tax laws have been changed to allow for punters to deduct their losses from their winnings.
What Currencies and Payment Methods do Spanish Players Generally Use?
The most common currency option for Spanish online bettors is the Euro. Almost all sites have the Euro as a currency option. As for payment options, the most widely used method of online betting deposits and withdrawals is by major credit card. EWallets such as Paysafe, Giropay, and UKash are also popular options that are available at most Spanish betting sites. Bitcoin is growing in popularity and is accepted at a growing number of internet betting sites. There are several payment options available. With such a lucrative betting market, the operators want to make sure that nothing gets in the way of making a financial transaction.