Latvia’s Gambling industry Experienced a Drop In Revenues
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Latvia has 10 retail casinos and 13 registered or licensed online casinos. The gambling industry in Latvia has experienced a decline in revenue because of the COVID 19 pandemic. In the first six months of this year, the local gambling sector witnessed a 26 percent decrease in revenues.
The total revenue of the gambling sector in the first half of this year was €7 million. This is €16 million lower than the forecasted revenue. The pandemic has had a significant impact on the industry. Online gambling is still growing. The total gambling volume in Latvia has fallen by two-thirds since the last quarter before the pand epidemic. There are still enough customers for the retail sector of industry, but not enough for online gambling. It can't be said that everyone who previously played is now gambling on Internet. Jānis Trēgers, a member of Latvian Interactive Gambling Society, said the online sector grew at least 5 percent during the first six months of 2021.
Latvia's regulated gambling industry is still up against the underground market. 45 percent of the gambling transactions are made underground in Latvia. Lotteries and Gambling Monitoring Inspectorate has to work harder to lessen the accessibility of illegal gambling sites.
