Lithuania Online Revenue Up 15% Year-on-Year – Quarterly Results

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Remote gaming revenue in Lithuania increased by 15.0% from €75m (£65.8m/$77.3m) to €86m in the period nine months ending September 30.

Land revenue also increased by 172% to €53.8 million. This dramatic outcome can largely be explained by the end of the 2021 Covid-era pandemic restrictions which led to the closure of gaming venues, including slots, totaling points and casinos, For many months.

Given that these restrictions ended near the start of the year, comparing the three-month period ending September 30 shows revenue was up 15.1% year-over-year, a result much more in line with the figures for online games.

The strong recovery of the ground segment in the wake of the lifting of post-Covid restrictions is a repeat of the dynamics that occurred in Lithuania H1 resultswhen total turnover increased by 66.0% to €89.3 million.

In total, combining the two verticals, revenue increased by 47% to €139.8m for the nine-month period, an increase of €45m.

At the same time, lottery ticket sales increased by 2.9% over the period, reaching 97.5 million euros in revenue. Of this amount, the operators paid out 57.4 million euros in winnings, leaving a remainder of 40.1 million euros. €3.2 million or 5.8% more earnings were paid out in earnings in 2022 compared to the previous year.

Lithuania eapplication measure

The Lithuanian Gambling Supervisory Authority, the country’s regulator, cracked down on a number of non-compliant operators in 2022.

More recently, TopSport received of them fines in rapid succession for failing to properly install a digital recording system at two of its retail betting facilities and for allowing out-of-country gamblers to gamble illegally using its platform.

In both cases, TopSport was fined €15,000.

The regulator also has strictly enforced an extensive ban on the promotion of gambling, considering informative text on operator websites and even a terms and conditions email as violations of the law.

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