SiGMA and Blask Find Seasonal Differences in European iGaming Markets

SiGMA, a gaming event organiser, and the analytics platform Blask have presented findings from a joint study dedicated to seasonal differences in iGaming dynamics. The Europe Market Report examines the industry’s development across 36 regional countries. It spans the period from September 2025 to August 2026.

One of the document’s rankings compares nations based on the peak Blask Index recorded during the 12 months. This metric gauges web search interest in gambling brands based on digital signals. Although the values ​​help track shifts in audience attention, they do not provide insight into the actual number of online casino customers or operator revenue.

Analysts identified a seasonal pattern: in 5/10 leading markets, peaks occurred in December 2025. Nevertheless, Ukraine, Germany, and Poland showed a different trend.

Top 10 European Jurisdictions by Blask Index

The highest industry figures were recorded in the following countries:

1. The UK — 54.39 million in December 2025.
2. Italy — 39.99 million in December 2025.
3. Germany — 26.96 million in July 2026.
4. Bulgaria — 26.78 million in December 2025.
5. Ukraine — 20.05 million in September 2025.
6. Romania — 16.75 million in December 2025.
7. Poland — 13.85 million in July 2026.
8. Greece — 10.9 million in December 2025.
9. Serbia — 9.94 million in November 2025.
10. Spain — 9.87 million in September 2025.

The gap between 1st and 2nd place was significant. The gambling business in Great Britain significantly outperformed that of Italy, while Germany and Bulgaria were virtually identical.

The distribution of top values ​​across the months is also of interest. For half of the countries on the list, the peak occurred in December 2025. Serbia was the only nation whose best month was November 2025. Germany and Poland reached the highest levels in July 2026. Meanwhile, Ukraine and Spain hit theirs in September of the previous year.

December as the Peak Activity Month in Europe

Report findings align with the previously identified seasonality of the regional iGaming market. In 5/10 of the top jurisdictions, interest in gambling brands was the highest in December 2025.

This group includes:

• the UK;
• Italy;
• Bulgaria;
• Romania;
• Greece.

A similar trend was observed in another study by Blask, which covered 107 countries between 2024 and 2025. Analysts determined that, in Europe, interest in iGaming typically peaks in December, while September and October are characterised by a gradual recovery in activity following summer vacations.

Holidays are the most obvious reason for the winter surge. In a survey of online casino users conducted in December 2024, 61.6% of respondents indicated that they gamble for the chance to earn money for Christmas and New Year gifts.

For operators, this seasonality can guide casino advertising campaigns and corresponding budget allocation. Nevertheless, an early-winter peak is not universal across all countries. Individual market dynamics are also shaped by regulation, competition, the entry of new brands, etc.

Reasons for a 77% Index Decline in Ukraine

The nation ranked 5th, with a top value of 20.05 million recorded in September 2025. By August 2026, this figure had fallen to 4.70 million, 77% down.

Over the same period, the local gambling industry’s highest monthly revenue also declined, from $218.20 million to $97.81 million. Notably, across Europe as a whole, GGR dropped at a much slower pace than audience search demand.

One potential reason for the trend in Ukraine is tighter state oversight. Since the summer of 2025, the industry has been regulated by PlayCity. In its 1st year, the agency blocked over 4,100 illegal websites.

The Blask Index tracks interest in brands regardless of whether they completed casino licensing in Ukraine. Consequently, restricting access to illicit platforms may have influenced the final figures.

Nevertheless, the available data is insufficient to conclude that these blocks were the sole cause of the decline. The local situation underscores the importance of analysing search activity alongside financial performance, legislative changes, gambling accessibility, and other factors.

Germany and Poland: Peak Figures in July

Unlike most leaders in the ranking, the 2 markets reached their highest Blask Indexes in the summer of 2026. They were the only countries in the top 10 to skyrocket mid-year.

Germany showed exceptional growth. In February, its metric stood at 11.68 million, rising by 2.3 times to 26.96 million in July. The report identified this surge as the most pronounced among major European markets.

Poland also peaked that month, reaching 13.85 million. Nevertheless, the available data does not allow precise identification of the reasons behind this distribution of activity.

Deviations from typical seasonal patterns may be linked to various causes, such as:

• increased advertising costs;
• the emergence of new gambling brands;
• stricter oversight and bans for illicit platforms;
• major sports tournaments and other large public events;
• national holidays that do not coincide with the December period;
• revisions to iGaming legislation and working conditions for operators, etc.

Each factor can shift audience interest, regardless of the standard calendar cycle. A more accurate assessment of the situation in Germany and Poland requires cross-referencing Blask Indexes with specific changes in both states during those months.

Role of Seasonality in Marketing Strategies

The report confirms that operators must pay attention to short-term fluctuations in European iGaming jurisdictions. December remains the peak period for interest in gambling brands. This knowledge allows companies to prepare advertising campaigns, plan budgets, and develop special offers well in advance.

At the same time, results from Ukraine, Germany, and Poland demonstrate that pan-regional tendencies do not always reflect the situation in an individual country. Oversight changes, restrictions for specific companies, and localised events can significantly influence audience behaviour.

For more precise planning, it is worth cross-referencing several indicators:

• revenue trends within the target market;
• seasonal demand fluctuations in a given state;
• shifts in user interest toward specific gambling brands;
• legislative changes and actions taken by regulatory authorities;
• competitors' advertising schedules and the emergence of new offerings.

Analysing this data collectively allows for a more accurate assessment of promotion prospects and helps in identifying optimal periods for audience acquisition. While the Blask Index alone is not a definitive measure of commercial success, it provides a more profound picture of demand when combined with financial statistics and insights into local conditions.

You can learn more about Europe’s iGaming sector from Casino Market. If you would like to receive software tailored to your target jurisdiction, player preferences, and business goals, feel free to contact us.

Order Service

May Terrell Copywriter

Have questions or want to order services?
Contact our consultants:

• e-mail: manager@casino-market.com
• feedback form.