The regulated casino market - A potential game changer for the Baltic region

  • 2023-06-10

Online casino gaming has become massively popular around the globe. For the longest time, however, the casino industry in the Baltic region used to operate in a legal grey area. In this article, we explore the changes that have been happening in the Baltic region and things that could be on the horizon in the future.

No regulation breeds issues

As most readers probably realize, gambling is not a thing that should necessarily be taken lightly. While it can be fun to play a few spins or sit at the blackjack table for a couple of sessions, too much of a good thing is never really a good thing. In other words, unregulated gambling can lead to dark things such as addiction, money laundering, and unethical business practices.

Wherever there is plenty of money to be found, there are also bound to be scammers and untrustworthy business people. In an online casino context, this can mean delayed withdrawals and winnings being confiscated on a whim.

Appropriate regulation is easily one of the best ways to keep customers safe and the reputation of online casino gaming as clean as possible. Because of this, and the rising popularity of online casino gambling, the governments of Latvia, Lithuania, and Estonia have recently taken decisive steps to regulate the market. Bringing casino games under legal oversight is good for all parties involved and the health of the business as a whole. EMTA for one has been especially important in turning things around for the region.

Key advantages of a regulated casino market

A regulated casino market is like the tide that raises all ships. The recently updated framework includes the ability to enforce strict licensing and operational requirements. These requirements can then be used to ensure that casinos operate in a transparent and accountable manner while, at the same time, adhering to regulations that protect players and are aimed to prevent criminal activities.

For players, full safety is of utmost importance. If rumours are going around about online casinos being unsafe and scamming their players, it can quickly become a steep hill to climb. Proper regulatory frameworks, on the other hand, can be efficient in instilling confidence in both players and potential igaming investors alike.

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Economies are also benefiting

In addition to helping offer legal and transparent online casino services, new regulations have also been of major help to the surrounding economy. By bringing all safe and trustworthy operators under the same legal umbrella, Baltic nations have seen a positive impact on their bottom line.

As is the case everywhere in the world, licensed casinos in the Baltics are able to generate significant tax revenues for the state. These financial contributions of the online casino industry can then be used to fund government activities, healthcare, education, and several other public initiatives.

In fact, the growth of the casino industry also helps several other industries. Licensed casinos often bring in more tourists, which means that fields of tourism and hospitality are also more or less directly affected. The gambling sector is a massive industry that employs plenty of people worldwide.

Responsible gambling in the spotlight

One of the most important aspects of any regulated casino market is the proper enforcement of responsible gambling principles. As entertaining and exciting as gambling can be, it can also be extremely addictive and detrimental to some people’s mental health. Similarly as with alcohol and other addictive substances, regulation is the best way to keep customers safe.

In the Baltic region, here are some of the measures that are used to enforce responsible gambling:

- Age limits at brick-and-mortar gambling venues

- Age verification measures online

- Self-exclusion programs

- Educational campaigns

- Support organizations, counselling, and treatment

With the help of the above measures, the Baltic region hopes to strike a balance between the two sides of the equation: economic growth, and social responsibility. As delicate a balance as this may be, Latvian, Lithuanian, and Estonian governments are doing their best to mitigate the risks while still giving customers the high-quality online casino experience that they are looking for.