Internet gambling has never been this high in popularity all over the world. A growing number of analysts believe that the rise of internet gambling is directly linked to the famous COVID pandemic. An estimated US$ 72.3 billion was spent on online gambling last year, and analysts expect it to continue expanding for at least another five years.
Global trends in gambling are mirrored in Lithuania, where online casino market income has increased in the previous few months.
The Control of Land-Based gambling in Lithuania
All gaming in Lithuania is regulated by the Gaming Control Authority, which is part of the Ministry of Finance of the Republic of Lithuania. Casino games, including slots games, table games, poker, bingo, lottery, and sports gambling, are all regulated by it.
Lithuania picks and chooses which online casinos are allowed to enter its marketplace. In order to enter the market & apply for a licence, only the greatest EU casino websites such as OnlineCasino.lt are permitted to do so.
Casino Market Revenue Skyrockets in Lithuania
According to the most recent developments in online gambling, the Lithuanian business in internet gambling is on the verge of seeing a tremendous growth in earnings. Casino revenues in Lithuania have nearly doubled since 2021, according to reports that claim a 90 percent rise in income over the previous year.
The facts and statistics show how the first big chunk of 2022 differs from the first chunk of 2021. In terms of online casino income, this is a 16.7 percent gain, bringing the Lithuanian online gambling market to €26.8 million in revenue.
Online slot machines provide for the majority of the overall revenue, which is divided into two categories: Category A and Type B slot machines are available. Table games, on the other extreme, saw an increase in income and stakes.
During the first quarter of this year, table gaming revenue increased by 25.50 percent compared to the same period last year. All other betting verticals, including land-based casino and retail sports betting, have seen significant revenue growth.
How Gambling is Regulated in Lithuania
Lithuania’s Gaming Control Authority, underneath the Ministry of Finance, is responsible for regulating all gaming activities in the country, including internet casinos. As a regulatory body, it is tasked with accepting applications and approving gaming licences, as well as overseeing the activities of gambling companies.
Protecting gamblers is a top priority for the ICA, which monitors casino business practises and ensures that they are beneficial to players. Gambling commercials have been banned across the country since 2021 in an effort to reduce the danger of compulsive gambling among players.
Future of Online Casinos in Lithuania
When we look at internet gambling laws, the Baltic republics are among the most progressive. The Baltic republics, in contrast to much of Eastern Europe, have indeed been quick to recognise – and so embrace – the enormous impact and potential of European online casino sites.
Actually, they’re pretty receptive to betting in general, but it’s possible that internet gaming offers an even greater possibility than traditional gaming does. By banning all advertising for gambling, Lithuanians actually increased their participation in the pastime rather than reducing it.
The good impacts of the prohibition on gambling marketing from July 2021 have yet to be fully realised. Since it was implemented, stronger controls for gaming operators have been able to assist the country combat compulsive gambling.
So far, numerous operators have been penalised by the Lithuanian Gaming Control Authority, including Top Sport. Lithuania’s online casinos: what’s in store for them in the future? We’ll have to wait and see.