Gambling revenues in Lithuania are increasing: Identifying the most popular games played
Cashing in on Online Gaming: A Deep Dive into Lithuania's Booming Industry
Here's the skinny on the booming online gaming scene in Lithuania, a Baltic nation that's been making some serious moves since the regulations went live in 2016.
First things first, online gambling is super legal in Lithuania, and operators can outfit their digital casinos without traditional retail partners.
So, what's been shaking in Lithuania's gaming scene? Well, the online sector of slots has been raking in some hefty dough, to the tune of 53.5 million euros – that's more than any other sector, online or offline, according to iGB. Not too shabby, right?
revenue from more limited online slots (with bets capped at 0.3 euros, and winnings limited to 200 bets) has remained steady at 6.7 million euros.
On the sports betting front, online wagers grew by 1.6% in the first half of the year, bringing in approximately 19.3 million euros.
On the flip side, the land-based sector has taken a hit, with revenue dipping by 4.4% to 34.7 million euros. As a result, players have been laying off the gaming a tad, with total bets dropping by 5.6% to 217.8 million euros.
Lottery revenue, however, managed to score a 6.2% boost, hitting 32.7 million euros.
Funny enough, the market's first regulated splash took place in, what, 2016? And since then, operators have had to maintain a 'land-based' license to snag an online gaming license. That changed in 2022, setting the stage for rampant online growth.
Watch out, though. Starting July 1, 2025, the legal age for gambling will climb from 18 to 21 – unless it's the national lottery you're eyeing.
And brace yourselves, financial institutions, because as of January 2025, they'll have to block all payment transactions from unregulated gambling operators.
Speaking of regulation, crypto gambling remains a no-go in Lithuania. But don't worry, cryptocurrency transactions are still in the game – just so long as the capital gains don't exceed €2,500.
Want to know more about Lithuania's online gaming scene? Keep your peepers peeled on sporting.net for the latest scoop. They've got the lowdown on Spanish CIRSA claiming top spot in the Peruvian market, investment in gaming in the UAE, and even a sneaky bet on an election date from Sunak's aide. Suspicious, much?
Lithuanians are capitalizing on the legal online gambling industry, with digital casinos operating independently of traditional retail partners. The sector of online slots is leading in revenue with €53.5 million, followed closely by sports betting with €19.3 million in the first half of the year. However, the land-based sector has seen a decrease in revenue, while lottery revenue has witnessed a growth of 6.2%. As of 2022, operators no longer require a land-based license to receive an online gaming license in Lithuania. But beware, starting in 2025, the legal age for gambling will rise to 21, and financial institutions will be obligated to block all payment transactions from unregulated gambling operators. Cryptocurrency gambling remains prohibited in Lithuania, but transactions are still permitted so long as the capital gains don't exceed €2,500.
