Spain's antimonopoly agency has fined online booking platform Booking 413 million euros for abusing its dominant market position in the country over the past five years.

According to the Spanish regulator, since 2019 Booking has abused its dominant market share in the country, which is between 70 and 90 percent, to impose unfair conditions on hotels and limit competition from other companies, reports Reuters.

A spokesman for Booking said that the company "absolutely disagrees" with the ruling and will appeal to a higher court.

He added that this issue should be discussed in accordance with the rules arising from the new Digital Markets Act of the European Union.

Tourists are increasingly using online platforms such as Airbnb, Booking, Expedia or TripAdvisor for reservations in the EU.

In the first quarter of 2024, guests spent 123,7 million nights in accommodation units in the European Union that were booked through the above platforms, an increase of 28,3 percent compared to the same quarter last year, Eurostat recently reported.

Of the 20 most popular regions for booking accommodation through platforms, six are located in Spain, with Andalusia being the most popular.