Lithuania reports 15% year-on-year surge in online gambling revenue
Author:
Muhammad Gregory
Lithuania’s Gambling Supervisory Authority has reported a revenue of €86 million from online gambling at the end of the third quarter this year. The authority said this was a 15% year-on-year growth in online gaming proceedings as compared to Q3 last year.
A strong regulatory system has shown dividends for one of Europe’s fastest rising gaming ecosystems. ?rupixen.com/Unsplash
The performance of Lithuanian gambling markets is well over par as both digital gambling and land-based gambling have displayed strong numbers at the end of the third quarter. The number of players is expected to rise as the year draws to a close, boosting the revenue further in the process. Wagers on the FIFA World Cup as well as other sports tournaments in December are expected to be the major contributors to this spurt as the Baltic nation expects to notch impressive figures at the end of the fourth quarter as well.
As online gambling has roped in a whopping total of €86 million so far this year, land-based gambling has also bounced back in style after recovering from pandemic-based challenges. Players have poured in at several casinos, gambling parlors and more land-based gambling arenas and helped generate a gross revenue of €53.8 million, which is a staggering spike of 172%. The year-on-year growth percentage for land-based gaming was reported as 15.1%.
A fast-growing market backed by strong legislature
From January 01, 2022, to September 30, 2022, the Lithuanian gambling market has roped in €139.8 million. This represents a 47% spike year-on-year from €94.8 million, a figure that was impacted by the inactivity of land-based gambling places due to the pandemic. During the aforementioned period, lottery tickets worth €97.5 million were sold, marking a 2.9% increase. The winnings paid out was worth €57.4 million, 5.8% higher than last year.
The surge in gambling taxes and lotteries resulted in a 60% spike in collections when compared to 2021, as the total accumulation touched €25.7 million. The boost, especially in digital gambling figures, comes after Lithuania’s legislature, the Seimas, approved the creation and allocation of online-only licenses that permitted operators to offer their services digitally without having a land-based gaming license in 2021. This encouraged quite a few online operators to apply for this license and digitally bring their services to the country.
Revenue surge recorded amidst stern supervision
The spike in online and land-based gambling has come under the extremely strict supervision of the Lithuania Gambling Supervisory Authority. The regulator has its own set of fixed guidelines that are to be followed at all costs. Any complacency in compliance with these directives results in penalties and also puts the violator’s gambling license at stake in Lithuania.
In 2022, seven operators, including Top Sport and Tete-a-tete Casino, were slapped with multiple fines for violating the regulator’s code. TOPsport was penalized thrice and paid a total amount of €55,000 in fines. Overall, the Lithuania Gambling Supervisory Authority has collected over €2,00,000 in fines this year.
Of the 12 violations caused by the seven operators so far in 2022, eight have been about the illegal advertising of remote gambling. Three have been about allowing players from outside Lithuania’s borders to participate in online gambling, while one fine has been due to a faulty CCTV system.
Amber Gaming fined again in Lithuania
It was announced earlier this week that Amber Gaming had been fined for violating the code. The operator was fined €6,000 after an investigation found evidence showing the allowance of ‘prohibited bets’. The operator has also received a warning about the possible suspension of their gambling license whilst also receiving an ultimatum of two weeks to remove the violation.
This is not the first occasion on which Amber Gaming has been penalized. In May earlier this year, the 7bet operator was fined €6,789 for encouraging visitors to take part in remote gambling via their website. This came after all forms of gambling ads had been banned in Lithuania from July 01, 2021. Amber Gaming is one of four operators in Lithuania that have been fined more than once in 2022.
