Lithuanian Gambling Market Revenue Increase in 2022 So Far
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Lithuanian gambling market revenue has increased in the last three months. Global online gambling industry is booming. The global online betting market reached US$ 72.3 billion in past year.
Lithuanian online gambling market revenue has increased by 90% since 2021. The biggest portion of the total revenue belongs to online slot machines. Table game sector also had a spike in stakes and revenue. There has been a 25.50% increase in table gaming revenue since last year's Q1 results.
There is an increase in gambling activity in Lithuanian online casino sites. Online gambling is legal in Lithuania.
Online casino gaming has been legal in Lithuania since 2016. Estonia and Latvia had legalised online gambling six years before Lithuania. Lithuania is expected to increase gambling market revenue by 20%.
The Gaming Control Authority under the Ministry of Finance of the Republic of Lithuania is the gambling authority that oversees all gambling activities by the players and the casinos. It regulates all activity both in land-based and digital form, including casino games, poker, bingo, the lottery, and sports betting. Lithuania cherry picks online casinos which are to enter its market. Only the best EU online casino can apply for a licence.
The Gaming Control Authority under the Ministry of Finance of the Republic of Lithuania oversees all gambling activity in Lithuania. The primary goal is to protect the players by keeping an eye on the business dealings of casinos and ensuring they are in the best interests of punters. There is a country-wide ban on gambling advertisements since 2021.
The Baltic states are progressive when it comes to online gambling regulations. Lithuania's ban on gambling advertisements did not curb gambling activity. The ban will be lifted from July 2021. The Gaming Control Authority has fined several operators, including Top Sport. It remains to be seen what the future holds for online casinos in Lithuania.
