Online gambling is blossoming worldwide, and some experts point out that the growth of online gambling is a direct consequence of COVID. The global online gambling market has reached the value of US$ 72.3 Billion in the past year, and experts say that the industry is very likely to keep growing in the next five years.
In Lithuania, the situation reflects the global gambling trends – as the market revenue at Lithuanian online casinos has grown in the last three months. Let's see more closely what has the market revenue in Lithuania brought.
Lithuanian Casino Market Revenue Goes up by 90%
The latest news in online gambling regarding the Lithuanian online gambling market entails a massive increase in gambling revenue in the country. Reportedly, the gambling revenue has increased by 90% from last year, meaning that the revenue at casinos in Lithuania has nearly doubled since 2021. The statistics and data reflect the change in the first quarter of 2022, compared to 2021 Q1.
In online casino terms, the change signifies a 16.7% increase, meaning that the Lithuanian online casino revenue has reached €26.8 million. The biggest portion of the total revenue belongs to online slot machines, which are split into two categories: Category A slots and Category B slot machines.
On the other hand, the table game sector also had a spike in stakes and revenue. There has been a 25.50% increase in table gaming revenue, which is an enormous step up from last year’s Q1 results.
Notable revenue increases have been noted in all other gambling verticals, including land-based gaming and retail sports betting.
Lithuanian Online Casino Market
The massive expansion of revenue in land-based and online casino sectors in Lithuania hints at an increase in gambling activity in Lithuanian online casino sites. Which begs the question, what are the best online casinos in Lithuania? Is online gambling legal in Lithuania?
Is Gambling Legal in Lithuania?
The answer is yes, online casino gaming has been legal in Lithuania since 2016. The country, along with the remaining two Baltic states and most of Europe, has allowed its citizens to visit and register at online gambling sites where they play online casino games for real money.
Estonia and Latvia had legalised online gambling six years before Lithuania decided to do so. Since 2010, both Latvia and Estonia have had their doors open for top-rated online casinos that are ready to offer their services to citizens while following and obeying all the rules presented by the authorities in charge.
Who Controls Land-Based Gambling in Lithuania?
In Lithuania, 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 – slots and table games, poker, bingo, the lottery, and sports betting.
Of course, there are rules and conditions – Lithuania cherry picks online casinos which are to enter its market. Only the best EU online casinos are allowed to join the market and apply for a licence – and most do not pass muster.
How Is Online Gambling in Lithuania Regulated?
As previously stated, the Gaming Control Authority under the Ministry of Finance of the Republic of Lithuania oversees all gambling activity in Lithuania – including online casino activity. The institution is there to accept applications and issue gambling licences to interested gambling operators and monitor their work in the industry. The primary goal is to protect the players by keeping an eye on the business dealings of the casinos and ensuring they are in the best interests of the punters. That is why there is a country-wide ban on gambling advertisements since 2021 – it was placed in hopes of mitigating the risks of problem gambling among players.
The Future of Online Casinos in Lithuania
All Baltic states are very progressive when it comes to online gambling regulations. Unlike most Eastern European countries that are slow to adapt to change, Baltic countries have been quick to realize – and thus accept – the immense influence and potential of online casino sites in Europe. In fact, they’ve been quite open-minded towards gambling in general, but online gambling may be an even better opportunity than land-based gaming.
Therefore, Lithuania’s decision to ban promotional material for any gambling activity did not curb gambling activity – if anything, it boosted it. It remains to be seen what other positive effects the ban on gambling advertisements from July 2021 will bring. So far, we’ve seen that it has helped the country tackle problem gambling by imposing stricter rules for operators. The Gaming Control Authority under the Ministry of Finance of the Republic of Lithuania has so far fined several operators, including Top Sport. What does the future hold for online casinos in Lithuania? We are yet to see.