When Competitors Leave Money on the Table
The quarterly earnings call started like dozens before it. Entain’s CFO Rob Wood rattled off numbers in his usual measured tone. Gaming revenue up 8%. Sports betting holding steady. Then he paused.
“Our Spanish poker operations saw particularly strong performance,” Wood said, letting the understatement hang in the air. The actual figure: a 92% year-over-year revenue increase for EntainPty, the joint venture operating PartyPoker in Spain.
For a mature market like Spanish online poker, that kind of growth doesn’t happen organically. Something fundamental had shifted.
The €47 Million Question
Entain’s Spanish poker revenue hit €47 million in Q1 2026, up from €24.5 million the previous year. In an industry where single-digit growth rates make headlines, this surge demands explanation.
The answer lies partly in what didn’t happen. PokerStars, historically Spain’s dominant operator, has been pulling back from the market since Flutter Entertainment’s acquisition in 2022. While Flutter hasn’t disclosed specific Spanish figures, multiple industry sources confirm PokerStars has reduced marketing spend and promotional activity in the region by an estimated 40% over the past eighteen months.
“When you have a market leader essentially ceding ground, that creates immediate opportunities,” says Barcelona-based gaming consultant Miguel Torres. “But you still need the operational capability to capture those players.”
PartyPoker had been building that capability for three years.
Building Before the Boom
The groundwork started in 2023 when Entain formed its Spanish joint venture with local operator Grup Peralada. While competitors focused on pan-European strategies, PartyPoker went hyperlocal. They hired Spanish pros as ambassadors. Sponsored regional live tournaments. Even adjusted their software’s color scheme after focus groups showed Spanish players preferred warmer tones.
Small moves, but they added up.
By the time PokerStars began its retreat, PartyPoker had already established itself as the natural alternative. Spanish players didn’t have to search for a new home – one was already waiting.
The Live Tournament Factor
Timing helped too. PartyPoker’s announcement of expanded Spanish live events for 2026 coincided perfectly with the online surge. The company committed to hosting stops in Barcelona, Madrid, and now Seville – making it the only major operator running a full Spanish tour this year.
Live events drive online traffic. Players qualify online for live tournaments, creating a virtuous cycle of engagement. With PokerStars scaling back its European live presence, PartyPoker filled another critical gap.
The financial impact extends beyond poker revenue. Casino cross-sell from poker players typically runs 15-20% higher than sports bettors, according to Entain’s internal data. Those €47 million in poker revenues likely generated another €7-10 million in adjacent verticals.
Sustainability Questions Loom
But explosive growth creates its own challenges.
Player acquisition costs in Spain have risen 34% year-over-year as operators compete for PokerStars refugees. PartyPoker’s marketing efficiency metrics, while still positive, have declined for three straight quarters. The easy wins are behind them.
There’s also the question of market size. Spain’s online poker market generated approximately €285 million in total revenue last year. Even if PartyPoker maintains its current trajectory, there’s a natural ceiling.
“The Spanish market can support maybe two major operators profitably,” notes Luis Fernandez, former CEO of now-defunct poker site Winamax.es. “The question is whether PartyPoker can hold this position when competitive dynamics inevitably shift again.”
The Bigger Picture
For Entain shareholders, the Spanish poker surge provides validation for a contrarian strategy. While competitors chase US market entry or Asian expansion, Entain has doubled down on established European markets. The Spanish results suggest that approach might be working.
Q2 results, due in July, will show whether the momentum continues. PartyPoker faces tough comparisons given this quarter’s exceptional growth. But with live tournaments ramping up and PokerStars showing no signs of renewed Spanish investment, the runway appears clear.
Wood ended the earnings call with typical British reserve: “We remain pleased with our Spanish performance and see continued opportunities in the market.”
In corporate speak, that translates to: We found a gold mine, and we’re still digging.
