Gambling markets in Latvia has been expanding, and the financial figures posted by the country’s gambling regulator Lotteries and Gambling Supervisory Inspection (IAUI) testify the same. The gambling revenue in Latvia has jumped 15.3 percent year-on-year in the first three months of 2019. The gambling regulator also confirmed that the income has increased across the board.
The revenue from gambling operations shot up by 15 percent year-on-year to €77.5m (£66.9m/$87.2m) from €67.2m, for the same period, the previous year.
Gambling income also rose by 15.9% from €63.5m to €73.6m. The figures released show that gaming machines have been the most popular for betting in the eastern European country. Licensed operators grossed €56.4m in revenue from gambling machines. Their first quarter revenue increased by 12.8%. The operators made €50.0m in 2018 during the first three months.
Roulette and blackjack, contributed €3.9m to the income posted. It increased by 6.4 percent year-on-year. Bingo income recorded a significant rise by 44.8% to €73,000, as income from betting points rose by a whopping 55.2% to €848,000.
The online gambling market also grew significantly, and the sector posted a total income of €12.4 million, up 35.4 percent year-on-year.
Earlier in April, the parliament in Latvia favored the proposals seeking changes to the existing national legislation on gambling. With the newly amended legislation in place, the locals will not be allowed to place wagers on overseas online casinos and gambling websites. The law restricts any such online gambling website which does not have due permissions and licenses to operate in the country, from offering its products or services to Latvians.
Online casino games contributed €8.8m to the overall online gambling income. The figures are up 39.2% year-on-year. Card tournaments income was recorded €73,000, up 15.8% from the figures posted for the first quarter in 2018.
The rise in revenues for the licensed operators is being attributed to the strong steps taken by the country’s gambling regulator to block illegal and unlicensed gambling websites operating in Latvia.