Spain’s gambling market as a whole (offline and online) rose by more than 7 billion euros from 2008 to 2010, standing at 27.3 billion euros in that year. Revenues in the online sector are estimated to be over 800 million euros ($1 billion) in 2014, according to gaming association Jdigital.
So far, 59 companies have applied, with only a small handful who have not met all the requirements likely to be turned down.
Most online gambling will not attract taxes on individual bets but firms will instead face a gross profit tax of between 10 percent and 25 percent.
Spain’s outgoing central bank chief warned on Wednesday that the country’s tax income may fall short, as it struggles to refinance 98 billion euros of debt and fund a deficit of 52 billion euros.