The iGaming market has always been one of the largest in terms of its global reach and revenue generation, but there is still huge potential for it in some of the world’s markets, including in the Baltic States.
According to figures, it is estimated that the total market is worth more than $63 billion (€58 billion) in 2023, with it expected to be around $145 billion (€133 billion) by 2030. As a result, its presence is significant and one that many countries have certainly taken a look at as a potential revenue opportunity themselves.
Baltic States are among one of the regions that have decided to try and take advantage of the growth that has been experienced in recent years, with numerous countries in the Eastern European block having already shown some significant numbers in terms of its popularity.
Lithuania, Estonia, and Latvia are all enjoying iGaming activities
Lithuania, Estonia, and Latvia each make up the Baltic States, and each of them has played an influential role in helping to grow the popularity of the iGaming industry in this European region. There are various reasons that exist regarding the boom and escalation that have existed, with some perhaps more obvious than others.
Software developers like Evolution Gaming have recognized its popularity in the area as they have created jobs in the country. Many of the live dealer casino games that can be found in detail on the Livedealer.org authority site are hosted in countries like Latvia, with numerous titles using studios and presenters/dealers from the region to host the games that they have created. This helps to highlight the popularity of these types of iGaming titles, as it is clear that there is a passion and a market for them in the country.
Strong Regulatory Frameworks in place encourage iGaming popularity
Elsewhere, the Baltic States have managed to implement strong regulatory frameworks across the region, with each country ensuring everyone is protected. Safety is always paramount when playing casino games, and with strong regulations in place, each country has allowed the industry to thrive. Players and operators each feel safe, which has managed to build a level of trust. Individuals feel more encouraged to play, as they know that they are protected at all times from fraud and unfair gaming.
Estonia is one country that has benefited from the regulatory frameworks that are in place economically, too. The country’s Estonian Tax and Customs Board reported that the market has continually managed to expand in recent years, having grown by more than €18 million between 2019 and 2020 as it jumped from €60.2 million to €78.13 million. Among the reasons for this, though, is the tax incentives that operators receive, as they have a 0% income tax break on the profits made across the bottom line.
Latvia also offers attractive incentives as part of its effort to make the iGaming industry even more popular across the Baltic States, with the country’s government providing favorable conditions. There has been a 10.5% increase year-on-year in recent years, with turnover of more than €290 million achieved in 2022.
The Baltic States is among one of the regions in the world in which the iGaming industry is clearly flourishing, despite being relatively small in comparison to others. There are still many opportunities that are available to the sector in this area, but with increases having been experienced already, we can expect more of the same in the future, too.