The Spanish Competition and Markets Authority (CNMC) has slapped a staggering €413.24 million fine on the popular online hotel and apartment booking platform, Booking.com, for the company's dominant market position over the past five years.
According to Report, which cites Kommersant, the CNMC found that Booking.com's market dominance has significantly harmed many Spanish hotels and other online travel agencies. The American company's share in the Spanish tourist booking market ranged from 70% to 90% during the specified peri
This isn't the first time Booking.com has faced antitrust issues in Europe. In 2020, Hungarian antitrust authorities fined the company $7 million for "overly aggressive promotion of its services in the market." AFP reports that Booking.com currently holds about 60% of the tourist booking market share across Europe.