In a brilliant move to embrace new ideas and transformative technologies, Lithuania, Latvia, and Estonia have legalized online gambling. By doing so, the three Baltic countries opened themselves up to the opportunities, and possibilities associated with legalized gambling.
After a few years, the three countries have become synonymous with live casinos. Their online gambling markets appear to be on the rise, and their potential is far from exhausted. This trajectory, however, is nothing new. It reflects the global expansion of the iGaming sector. An in-depth examination of the Baltic iGaming industry is required for an informed assessment of its potential. Other regions can help with this evaluation.
Denmark has one of Europe's most successful iGaming markets. The Danish government was one of the first in the region to create a regulated online gambling market. State lotteries, which dominated the region's gambling market at the time, were replaced by iGaming. Adopting the new market version was one of the first steps in bringing about changes in the region's gambling industry. Since then, the Danish gambling industry has constantly improved. Its tenacity has been instrumental in propelling the growth of various iGaming platforms.
Constant regulatory changes have also proven useful in boosting the market's fundamentals. Regulations governing promotions, wagering, maximums, and other highly sensitive areas contribute to the market's stability. Due to its large customer base and numerous iGaming platforms, the Danish market is steadily growing. It has already surpassed traditional casinos, which declined dramatically during the COVID-19 pandemic.
Despite its excellent performance, the Danish iGaming market has yet to reach saturation. Its potential lies in enhancing services and improving its ability to navigate its regulatory framework for improved performance.
India is yet another iGaming hotspot. Experts predict that the Indian online gambling market will experience a massive boom in the coming years. The high rate of smartphone adoption, combined with the ongoing spread of high-speed internet, are a major reasons for the projection. The Indian population is rapidly digitizing, and more of the same is expected within the decade.
In contrast to Denmark, the Indian gambling industry is governed by three anti-gambling laws. However, due to lax regulations, India's iGaming market is steadily picking up. Even better, some states, such as Goa and Sikkim, are welcoming the gambling industry and its opportunities. Considering the current wave of gambling legislation, other states are likely to follow suit.
The current surge in investments indicates that the Indian iGaming market is about to explode. Internet service providers, technology innovators, and other business ventures are flocking to India to capitalize on the opportunities in the country's iGaming market.
Between August 2020 and January 2021, the gaming industry received a whopping $544 million in investment. The sector anticipates an increase in investments as foreign investors continue to expand their influence in the Indian iGaming market. Veli.Services, a B2B2C investment firm, recently invested in Fan2Play, an Indian provider of fantasy sports contests. More foreign firms are expected to follow suit within the next decade.
The Baltic States
Using India and Denmark as case studies, it is evident that the Baltic countries have the potential to be great iGaming markets. The three countries possess the necessary characteristics for successful online gambling markets. The friendly gambling laws of the Baltic countries deserve a lot of credit. In 2010, Estonia and Latvia legalized online gambling, while Lithuania followed suit in 2016. The case of Denmark demonstrates the importance of regulation in enhancing the success of the online gambling market.
The three Baltic countries have already laid a solid foundation for the online gambling market. Even better, they have been improving the regulations that are critical to the industry's success.
In terms of customer base and platform availability, the Baltic countries are similar to Denmark's iGaming market. Many people in the area enjoy live gambling. Most gamblers have recently shifted to online casinos, particularly during the peak of the COVID-19 pandemic. Live dealer tables streamed from real casinos and custom studios have grown in popularity in the region since then.
Investing in the Baltic region's online gambling market makes sense given its enormous potential. However, because the region is unique in some ways, it must be approached with caution.
"The Baltic region presents a unique set of challenges," says Gia Janashvili of Veli.Services. Because there are already many well-established companies, new entrants face a significant risk. B2B2C partnerships are the best investment strategy for the region. This way, investors can reduce the risk of competition while also assisting local companies in growing.'
Despite their differences, the Baltic countries have proven to be fertile ground for iGaming investments. They have enormous potential that is waiting to be realized but only by forward-thinking investors.