Lithuania Achieves Record Revenue Growth in 2022 as Online Finance Soars

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According to the Gambling Supervision Service of Lithuania, the country’s gross gaming revenue reached €195.8m in 2022, showing a significant increase of 43.8% compared to the previous year. This growth rate is nearly double the value of €99.4m recorded in 2018.

Remote gambling accounted for 62% of the total revenue, amounting to €121.7m, which represents an 18.6% year-on-year increase. Within remote gambling, online Category A slot machine games contributed €74.9m, making up 38% of the total, while remote betting was the second largest segment with €34.9m. Land-based gambling experienced notable growth as well, with all four categories doubling their gross gaming revenue compared to the previous year. Gaming tables and Category A machines achieved record-breaking results. Category B machines, although slightly below pre-pandemic figures, generated €32.4m, an impressive increase of 118.9% from 2021. Land-based betting also showed improvement, reaching €9.9m, which is higher than the €4.0m recorded in 2021.

On average, Lithuanian adults spent €85 on gambling, marking a 44.1% year-on-year increase and almost twice the amount reported in 2018. Currently, Lithuania’s Ministry of Finance oversees 39 gambling licensees. The Gambling Supervision Service received 81 complaints in 2022, a significant rise from the 45 received in 2021. Fines imposed on operators totaled €114,644, indicating a substantial 175% increase compared to the previous year.

Regarding online gambling, the number of blocked domains in Lithuania reached 1,145 by the end of 2022, showing growth from 904 in 2021 and almost doubling the 647 domains blocked in 2020. Moreover, 11,388 Lithuanians have requested to be excluded from gambling, with 89 men and 88% of the requests coming from adults under 40 years old. This shows a notable increase of 52.1% compared to 2021.

The Gambling Supervision Service of Lithuania has outlined plans for 2023, including a risk assessment of business entities, with a specific focus on money laundering and terrorist financing. Last year, the service made amendments to Lithuania’s Code of Administrative Offences (ANK) to address a loophole that had previously prevented the confiscation of income generated from illegal activities like unlicensed gambling.

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Dawson Bennett is a seasoned journalist with over a decade of experience covering the casino and sports industries. His extensive knowledge of these sectors makes him a trusted expert for readers seeking advice and insights. Whether you're looking for the latest developments in the sports or gambling world, Dawson provides valuable guidance to help you make informed decisions. He offers tips on selecting high-quality casinos and stays on top of trends and events in the sports industry, ensuring you have the best possible experience.
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